A Pragmatic Approach to Capital Account Liberalization a Pragmatic Approach to Capital Account Liberalization the Evolution of the Cost-benefit Tradeoff
A Pragmatic Approach to Capital Account Liberalization a Pragmatic Approach to Capital Account Liberalization the Evolution of the Cost-benefit Tradeoff
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Eswar S. Prasad;R. Rajan;Alfaro;Kalemli-Ozcan Chanda;And
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作者：
Eswar S. Prasad;R. Rajan;Alfaro;Kalemli-Ozcan Chanda;And
这里表达的任何意见都是作者的意见，而不是IZA的意见。本系列中发表的研究可能包括对政策的看法，但研究所本身不采取机构政策立场。波恩的劳动研究所（IZA）是一个本地和虚拟的国际研究中心，也是科学，政治和商业之间的交流场所。IZA是一个独立的非营利组织，由德国邮政世界网支持。该中心与波恩大学有联系，并通过其国际网络，研讨会和会议，数据服务，项目支持，研究访问和博士课程提供了一个刺激的研究环境。IZA从事（i）劳动经济学所有领域的原创和国际竞争力研究，（ii）政策概念的发展，以及（iii）向感兴趣的公众传播研究成果和概念。IZA讨论稿通常代表初步工作，并分发以鼓励讨论。引用这样一份文件应说明其临时性质。修订版可直接从作者处获得。资本账户自由化的实用方法 * 跨国回归表明，外国资本流入与发展中国家和新兴市场更快的经济增长之间没有什么联系。这表明，缺乏国内储蓄并不是这些经济体增长的主要制约因素，而这一点在基准新古典框架中是隐含假设的。我们探讨了新兴的资本账户自由化的成本和收益的新理论，并建议如何采取务实的方法来处理这一过程。* 我们感谢詹姆斯·海因斯和杰里米·斯坦提供了非常有用的意见，感谢蒂莫西·泰勒帮助我们加强了阐述。馆野雄介提供了出色的研究协助。[2]在20世纪90年代中期，几乎所有类型的主流经济学家都普遍建议资本账户自由化，即允许资金自由流入和流出一国经济，作为经济发展过程中的一个重要步骤。寻求"使资本流动自由化成为国际货币基金组织的宗旨之一，并在必要时扩大国际货币基金组织关于资本流动自由化的管辖权。但随后发生了1997 - 98年的东亚金融危机，在这场危机中，即使是像韩国这样看似健康和管理良好的经济体也被大量资本外流和巨大的货币波动所吞没，资本账户自由化在经济学界引起了相当大的争议。例如，费舍尔...
Any opinions expressed here are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post World Net. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. ABSTRACT A Pragmatic Approach to Capital Account Liberalization * Crosscountry regressions suggest little connection from foreign capital inflows to more rapid economic growth for developing countries and emerging markets. This suggests that the lack of domestic savings is not the primary constraint on growth in these economies, as implicitly assumed in the benchmark neoclassical framework. We explore emerging new theories on both the costs and benefits of capital account liberalization, and suggest how one might adopt a pragmatic approach to the process. * We are grateful to James Hines and Jeremy Stein for very useful comments and to Timothy Taylor for helping us sharpen the exposition. Yusuke Tateno provided excellent research assistance. 2 2 In the mid-1990s, mainstream economists of nearly all stripes commonly recommended capital account liberalization – that is, allowing a free flow of funds in and out of a country's economy-as an essential step in the process of economic development. sought to make " the liberalization of capital movements one of the purposes of the IMF, and extend as needed, the IMF's jurisdiction …regarding the liberalization of such movements. " But then came the East Asian financial crisis of 1997-98, in which even seemingly healthy and well-managed economies like those of South Korea were engulfed by massive capital outflows and tremendous currency volatility, and capital account liberalization became quite controversial in the economics profession. For example, Fischer …