The Study of the Factors and Consequences of the Restrictions on the Movement of the Capital

Изучение факторов и последствий ограничений на движение капитала

Alexandra Bozhechkova, Goryunov, E.L. (Горюнов, Е.Л.) () and Pavel Trunin
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Goryunov, E.L. (Горюнов, Е.Л.): Gaidar Institute for Economic Policy

Working Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: In this paper we study key factors that determine implementation of capital controls and their consequences. We describe theoretical framework that takes into account capital flow restrictions, survey evolution of views regarding such restrictions and summarize the most common objectives of capital controls, including support of independent monetary policy under fixed exchange rates, maintaining financial stability etc. We also analyze existing international experience on capital controls including inflow and outflow controls in both advanced and emerging economies (Brazil, Malaysia, Iceland, Cyprus etc.). We consider several particular measures and study factors that explain their different macroeconomic outcomes. Finally, we discuss empirical works analyzing effectiveness of capital flows restrictions.

Keywords: capital controls; capital control consequences; Brazil; Malaysia; Iceland; Cyprus (search for similar items in EconPapers)
Pages: 105 pages
Date: 2016-03-21
New Economics Papers: this item is included in nep-mon and nep-sea
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