Arbeitspapier

Barriers to international capital flows: when, why, how big, and for whom?

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Until recently, the trend in world capital markets has been toward increasing "globalization." Recent events in Latin America and Asia have forced a rethinking of the desirability of unrestricted world capital flows. In this paper we ask whether simple restrictions on capital mobility can succeed in reducing the volatility of funds flows, whether such restrictions are consistent with the long-term development of the countries that might impose them, whether such restrictions are beneficial for poorer countries while harming wealthier countries, and whether barriers to capital movements should be reduced in magnitude as the development process proceeds. ; We find first that appropriately selected barriers to capital movements can be used by a poorer country to eliminate the short-term volatility of capital flows and other economic volatility as well. Second, we find that these barriers are consistent with increased rather than reduced levels of economic development in both the short and long run. Third, we show that it is empirically plausible that such barriers will be reduced over time as economies develop. Fourth, we show that, in the long run, all countries can benefit from the presence of barriers to capital mobility. And, fifth, we show that barriers to capital mobility can increase the magnitude of net capital flows in a steady state.

Language
Englisch

Bibliographic citation
Series: Working Paper ; No. 2000-16

Classification
Wirtschaft
Subject
International economic relations
International finance
Capital movements
Monetary policy

Event
Geistige Schöpfung
(who)
Espinosa-Vega, Marco A.
Smith, Bruce D.
Yip, Chong K.
Event
Veröffentlichung
(who)
Federal Reserve Bank of Atlanta
(where)
Atlanta, GA
(when)
2000

Handle
Last update
10.03.2025, 11:42 AM CET

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Object type

  • Arbeitspapier

Associated

  • Espinosa-Vega, Marco A.
  • Smith, Bruce D.
  • Yip, Chong K.
  • Federal Reserve Bank of Atlanta

Time of origin

  • 2000

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