TY  - JOUR
AU  - Dooley,Michael P.
TI  - A Survey of Academic Literature on Controls over International Capital Transactions
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5352
PY  - 1995
Y2  - November 1995
UR  - http://www.nber.org/papers/w5352
L1  - http://www.nber.org/papers/w5352.pdf
N1  - Author contact info:
Michael P. Dooley
Department of Economics
Engineering II
University of California, Santa Cruz
Santa Cruz, CA 95064
Tel: 831/459 3662
Fax: 831/459-5077
E-Mail: MPD@UCSC.EDU
AB  - This paper reviews recent theoretical and empirical work on controls over international capital movements.  Theoretical contributions reviewed focus on 'second best' arguments for capital market restrictions as well as arguments based on multiple equilibria.  The empirical literature suggests that controls have been 'effective' in the narrow sense of influencing yield differentials.  But there is little evidence that controls have helped governments meet policy objectives, with the exception of reduction in the governments' debt service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory.
ER  -