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The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries' Balance of Payments: Empirical Estimates and Policy Implications
Author:
Mr. R. B. Johnston
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and
Chris Ryan null

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Series:
IMF Working Papers
Volume/Issue:
Volume 1994: Issue 078
Language:
English
Publication Date:
01 Jul 1994
DOI:
https://doi.org/10.5089/9781451956207.001
ISBN:
9781451956207
ISSN:
1018-5941
Pages:
46
Keywords:
WP; capital control; capital movement; control regime; net capital; Controlson capital Movementson; capital transaction; explaining capital movement; significance of the capital control dummy; capital transfer; capital controls' effect; capital flow equation; exchange control nature; restrictive capital control; exchange control responsibility; countries' capital control regime; Capital flows; Capital controls; Capital account; Exchange restrictions; Capital outflows; Middle East; Australia and New Zealand
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper reports research on the impact of controls on capital movements on the private capital accounts of countries’ balance of payments using data drawn from 52 countries for the period 1985-92. The results indicate that: (1) capital controls operated by developing countries have not been effective in insulating the private capital accounts of these countries’ balance of payments, and (2) capital controls operated by industrial countries significantly affected the structure of their capital flows mainly by inhibiting net foreign direct and portfolio investment outflows. The results, which are consistent with other observations, raise issues for the policy toward the maintenance and liberalization of controls on capital movements by developing countries.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund