Capital Account Liberalization as a Signal
Capital Account Liberalization as a Signal
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资本账户自由化作为信号
DOI：
10.3386/w5725
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发表时间：
1996
期刊：
影响因子：
--
通讯作者：
Allan Drazen
中科院分区：
文献类型：
--
作者：
Leonardo Bartolini;Allan Drazen
我们提出了一个模型，在这个模型中，政府当前的资本管制政策预示着未来的政策。对资本外流的控制随着技术新闻的变化而变化，取决于政府对资本征税的态度。当政府类型存在不确定性时，自由资本流出政策发出了可能引发资本流入的有利信号。这一预测与几个已经放开资本账户的国家的经验是一致的
We present a model in which a government's current capital controls policy signals future policies. Controls on capital outflows evolve in response to news on technology, conditional on government attitudes towards taxation of capital. When there is uncertainty over government types, a policy of liberal capital outflows sends a favorable signal that may trigger a capital inflow. This prediction is consistent with the experience of several countries that have liberalized their capital account