A New and Better Measure of Capital Controls

Pariyate Potchamanawong, Arthur T. Denzau, Sunil Rongala, Joshua C. Walton and Thomas D. Willett

Chapter Chapter 5 in The Design and Use of Political Economy Indicators, 2008, pp 81-102 from Palgrave Macmillan

Abstract: Abstract There has long been a substantial controversy about the role of capital controls. The designers of the Bretton Woods postwar international monetary system anticipated that capital controls would be a permanent feature of the system. Over time, however, views of many economists and officials changed with capital controls becoming seen as having greater costs and freedom of capital flows as having greater benefits than before. These changes in view resulted in major shifts toward the liberalization of capital accounts, first in the industrial countries and then in many developing countries. With the recent rash of currency crises in emerging market countries in the 1990s, considerable support for limiting the freedom of international capital flows reemerged.1

Keywords: Current Account; Capital Flow; Capital Mobility; Capital Inflow; NBER Working Paper (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-61662-2_5

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DOI: 10.1057/9780230616622_5

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