Capital Controls, Global Liquidity Traps and the International Policy Trilemma
---- Acknowledgements -----
Devereux thanks SSHRC, the Bank of Canada and the Royal Bank of Canada for financial support. The opinions in this paper are those of the authors and are not necessarily shared by the Bank of Canada or the Bank for International Settlements. This paper was initiated when Devereux was visiting the Hong Kong office of the BIS. He thanks the BIS for their hospitality. We thank the Editor Gita Gopinath and three anonymous referees for extensive comments on a previous draft. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.