Arbeitspapier
Capital Controls or Real Exchange Rate Policy? A Pecuniary Externality Perspective
In the aftermath of the global financial crisis, a new policy paradigm has emerged in which old-fashioned policies such as capital controls and other government distortions have become part of the standard policy tool kit (so called macro- prudential policies). On the wave of this seemingly unanimous policy consensus, a new strand of theoretical literature contends that capital controls are welfare enhancing and can be justified rigorously because of second-best considerations. Within the same theoretical framework adopted in this fast-growing literature, this paper shows that a credible commitment to support the exchange rate in crisis times always welfare-dominates prudential capital controls, as it can achieve unconstrained allocation.
- Sprache
-
Englisch
- Erschienen in
-
Series: IDB Working Paper Series ; No. IDB-WP-393
- Klassifikation
-
Wirtschaft
Monetary Policy
International Finance Forecasting and Simulation: Models and Applications
Open Economy Macroeconomics
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Benigno, Gianluca
Chen, Huigang
Otrok, Christopher
Rebucci, Alessandro
Young, Eric
- Ereignis
-
Veröffentlichung
- (wer)
-
Inter-American Development Bank (IDB)
- (wo)
-
Washington, DC
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Benigno, Gianluca
- Chen, Huigang
- Otrok, Christopher
- Rebucci, Alessandro
- Young, Eric
- Inter-American Development Bank (IDB)
Entstanden
- 2013
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