A QUANTITATIVE ANALYSIS OF THE EFFECTS OF CAPITAL CONTROLS: SPAIN, 1986--1990 *

Oscar Bajo-Rubio () and Simon Sosvilla-Rivero ()

International Economic Journal, 2001, vol. 15, issue 3, pages 129-146

Abstract: This paper offers a quantitative assessment of the effectiveness of capital controls in Spain during the period 1986--1990. The analysis is based on a portfolio-balance model previously estimated for the Spanish economy, where the complete elimination of capital controls is simulated. Our results suggest that capital controls would have avoided a net capital outflow amounting to nearly a 4 per cent increase in the Spanish net foreign asset position, as a quarterly average, during the first five years of Spain's membership into the EU. [C32, F21, F36]

Date: 2001
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Working Paper: A Quantitative Analysis of the Effects of Capital Controls: Spain, 1986-1990
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