Capital Controls

Contents:

Acknowledgements

Introduction Jonathan D. Ostry, Atish R. Ghosh and Mahvash S. Qureshi

PART I CAPITAL ACCOUNT LIBERALIZATION: POTENTIAL GAINS
1. Herbert G. Grubel (1968), 'Internationally Diversified Portfolios: Welfare Gains and Capital Flows', American Economic Review, 58 (5), December, 1299-314

2. Alan C. Stockman and Alejandro Hernandez D. (1988), 'Exchange Controls, Capital Controls, and International Financial Markets', American Economic Review, 78 (3), June, 362-74

3. Maurice Obstfeld (1995), 'Risk-Taking, Global Diversification, and Growth', American Economic Review, 84 (5), December, 1310-29

4. Vihang Errunza and Etienne Losq (1989), 'Capital Flow Controls, International Asset Pricing, and Investors' Welfare: A Multi-Country Framework', Journal of Finance, 44 (4), September, 1025?-37

5. Sebastian Edwards and Jonathan D. Ostry (1992), 'Terms of Trade Disturbances, Real Exchange Rates, and Welfare: The Role of Capital Controls and Labor Market Distortions', Oxford Economic Papers, 44 (1), January, 20?-34

6. Harris Dellas and Oded Galor (1992), 'Growth via External Public Debt and Capital Controls', International Economic Review, 33 (2), May, 269-81

7. Dani Rodrik and Arvind Subramanian (2009), 'Why Did Financial Globalization Disappoint?', IMF Staff Papers, 56 (1), 112-38

8. Pierre-Olivier Gourinchas and Olivier Jeanne (2006), 'The Elusive Gains from International Financial Integration', Review of Economic Studies, 73 (3), 715?-41

9. Dennis P. Quinn and A. Maria Toyoda (2008), 'Does Capital Account Liberalization Lead to Economic Growth?', Review of Financial Studies, 21 (3), May, 1403-49

10. Alessandra Bonfiglioli (2008), 'Financial Integration, Productivity and Capital Accumulation', Journal of International Economics, 76 (2), December, 337-55

11. Hali J. Edison, Ross Levine, Luca Ricci and Torsten Slok (2002), 'International Financial Integration and Economic Growth', Journal of International Money and Finance, 21 (6), November, 749?-76

12. Graciela Laura Kaminsky and Sergio L. Schmukler (2008), 'Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles', Review of Finance, 12 (2), 253-92

13. M. Ayhan Kose, Eswar E. Prasad and Marco E. Terrones (2009), 'Does Financial Globalization Promote Risk Sharing?', Journal of Development Economics, 89 (2), July, 258-70

14. Ross Levine (2001), 'International Financial Liberalization and Economic Growth', Review of International Economics, 9 (4), 688-702

15. E. Borensztein, J. De Gregorio and J. Lee (1998), 'How Does Foreign Direct Investment Affect Economic Growth', Journal of International Economics, 115-35

16. Brian J. Aitken and Ann E. Harrison (1999), 'Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela', American Economic Review, 89 (3), June, 605-18

PART II SEQUENCING OF CAPITAL ACCOUNT LIBERALIZATION
17. Ronald I. McKinnon (1973), 'The Transition: Exchange-Rate Flexibility and the Role of Foreign Capital', in Money and Capital in Economic Development, Chapter 11, Washington, DC: Brookings Institution, 150-69

18. Dani Rodrik (1987), 'Trade and Capital-Account Liberalization in a Keynesian Economy', Journal of International Economics, 23 (1-2), 113-29

19. Sebastian Edwards and Sweder van Wijnbergen (1986), 'The Welfare Effects of Trade and Capital Market Liberalization', International Economic Review, 27 (1), February, 141-8

20. Rod Falvey and Cha Dong Kim (1992), 'Timing and Sequencing Issues in Trade Liberalisation', Economic Journal, 102 (413), July, 908?-24

21. Guillermo A. Calvo (1988), 'Costly Trade Liberalizations: Durable Goods and Capital Mobility', IMF Staff Papers, 35 (3), September, 461-73

22. Ronald I. McKinnon and Huw Pill (1997), 'Credible Economic Liberalizations and Overborrowing', American Economic Review Papers and Proceedings, 87 (2), May, 189-93

23. Masaya Sakuragawa and Koichi Hamada (2001), 'Capital Flight, North-South Lending, and Stages of Economic Development', International Economic Review, 42 (1), February, 1-24

24. Leonardo Bartolini and Allan Drazen (1997), 'Capital-Account Liberalization as a Signal', American Economic Review, 87 (1), March, 138-54

25. Vittorio Grilli and Gian Maria Milesi-Ferretti (1995), 'Economic Effects and Structural Determinants of Capital Controls', IMF Staff Papers, 42 (3), September, 517-51

PART III ROLE OF CAPITAL CONTROLS TO MANAGE RISKS
26. Richard N. Cooper (1999), 'Should Capital Controls be Banished?', Brookings Papers on Economic Activity, 30 (1), 89-125

27. James Tobin (1996), 'A Currency Transactions Tax, Why and How', Open Economics Review, 7, July-October, 493-99

28. Olivier Jeanne and Anton Korinek (2010), 'Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach', American Economic Review, 100 (2), May, 403-7

29. Jonathan D. Ostry, Atish R. Ghosh, Marcos Chamon and Mahvash S. Quresih (2011), 'Capital Controls: When and Why?', IMF Economic Review, 59 (3), 562-80

30. Carmen M. Reinhart and R. Todd Smith (2002), 'Temporary Controls on Capital Inflows', Journal of International Economics, 57 (2), August, 327-51

31. Peter Garber and Mark P. Taylor (1995), 'Sand in the Wheels of Foreign Exchange Markets: A Skeptical Note', Economic Journal, 105 (428), January, 173-81

32. Michael P. Dooley (1996), 'Capital Controls and Emerging Markets', International Journal of Finance and Economics, 1 (3), 197-205

33. Harris Dellas and Alan Stockman (1993), 'Self-Fulfilling Expectations, Speculative Attack, and Capital Controls', Journal of Money, Credit and Banking, 25 (4), November, 721-30

34. Daniel Gros (1992), 'Capital Controls and Foreign Exchange Market Crises in the EMS', European Economic Review, 36 (8), 1533-44

35. Mihir A. Desai, C. Fritz Foley and James R. Hines Jr. (2006), 'Capital Controls, Liberalizations, and Foreign Direct Investment', Review of Financial Studies, 19 (4), Winter, 1433?-64

PART IV EFFECTIVENESS OF CAPITAL CONTROLS AS A SHORT-RUN POLICY TOOL
36. Sebastian Edwards and Roberto Rigobon (2009), 'Capital Controls on Inflows, Exchange Rate Volatility and External Vulnerability', Journal of International Economics, 78 (2), July, 256-67

37. Jose De Gregorio, Sebastian Edwards and Rodrigo O. Valdes (2000), 'Controls on Capital Inflows: Do They Work?', Journal of Development Economics, 63 (1), October, 59-83

38. Eliana Cardoso and Ilan Goldfajn (1998), 'Capital Flows to Brazil: The Endogeneity of Capital Controls', IMF Staff Papers, 45 (1), 161-202

39. Kristin J. Forbes (2007), 'One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smaller Traded Firms', Journal of International Economics, 71 (2), April, 294-323

40. Jonathan D. Ostry, Atish R. Ghosh, Marcos Chamon and Mahvash S. Qureshi (2012), 'Tools for Managing Financial-Stability Risks from Capital Inflows', Journal of International Economics, 88 (2), November, 407-21

41. Hali Edison and Carmen M. Reinhart (2001), 'Stopping Hot Money', Journal of Development Economics, 66 (2), December, 533-53

42. Sebastian Edwards (1999), 'How Effective are Capital Controls?', Journal of Economic Perspectives, 13 (4), Fall, 65-84

PART V MEASUREMENT OF CAPITAL MOBILITY AND CAPITAL CONTROLS
43. Martin Feldstein and Charles Horioka (1980), 'Domestic Saving and International Capital Flows', Economic Journal, 90 (358), June, 314-29

44. Atish R. Ghosh (1995), 'International Capital Mobility Amongst the Major Industrialised Countries: Too Little or Too Much?', Economic Journal, 105 (428), January, 107-28 ]

45. Menzie D. Chinn and Hiro Ito (2006), 'What Matters for Financial Development? Capital Controls, Institutions, and Interactions', Journal of Development Economics, 81 (1), October, 163-92

Index

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• Crises e desastres financeiros
• Finança internacional
• Macroeconomia