IMF Staff Papers

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Publisher:: International Monetary Fund
ISSN:: 1020-7635

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IMF Staff papers : Volume 43 No. 4

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Journal Issue

Volume:: 43
Series:: IMF Staff Papers
Author(s):: International Monetary Fund. Research Dept.
Publisher:: INTERNATIONAL MONETARY FUND
Published Date:: January 1996
DOI:: http://dx.doi.org/10.5089/9781451930931.024
ISBN:: 9781451930931
ISSN:: 1020-7635
Page:: 212

This paper reviews recent theoretical and empirical work on controls over International capital movements. Theoretical contributions reviewed focus on “second-best “ arguments for capital market restrictions, as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been “effective “ in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reducing the governments’ debt-service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory.

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Staff Papers Vol 43 No 4 (Dec. 1996)

International Monetary Fund

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IMF Staff Papers

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IMF Staff papers : Volume 43 No. 4

Table of contents