Capital Controls and Their Impact on Stabilization Policy and Welfare

资本管制及其对稳定政策和福利的影响

• 批准号: 8807905
• 负责人: Maurice OBSTFELD
• 金额: $ 13.41万
• 依托单位: National Bureau of Economic Research Inc
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1988
• 资助国家: 美国
• 起止时间: 1988-08-01 至 1992-01-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=8807905&HistoricalAwards=false
• 关键词: Capital; Controls; Their; Impact; Stabilization

This project deals with four aspects of the relationship among government controls over international capital movements, the effectiveness of stabilization policy, and world welfare. The first research area is concerned with current and proposed measures to liberalize capital movements within the European Monetary System of fixed exchange rates, and asks whether such liberalization is consistent with the periodic realignments seen so far. The second area investigates the possibility that public-finance policy can lead to self-justifying capital flight, in which case a nationalistic argument favoring capital controls might be made. The third area of work examines the effect of capital controls on a government's ability to obtain seigniorage revenues from its economy through use of an inflation tax on money holders. In particular, the impact of controls on the economy may be of central importance and have a major bearing on better understanding the causes of inflation. The final topic looks at empirical measures of the effects of international financial integration and of the gains from international risk sharing. The underlying theme of this project is the control of international capital movements. Increasingly, the integration of national financial markets has raised concerns about economic stability, policy effectiveness, and the supervision of financial institutions with offshore operations. Some commentators have recommended a substantial retreat from the international financial liberalization that has been occurring since the early 1970's. This project is important because it involves the development of theoretical models and empirical evidence that would help in assessing the costs and benefits of adopting various capital controls.

这个项目涉及政府对国际资本流动的控制、稳定政策的有效性和世界福利之间的四个方面的关系。第一个研究领域涉及目前和拟议的在固定汇率的欧洲货币体系内放开资本流动的措施，并询问这种自由化是否符合迄今看到的定期调整。第二个领域调查了公共财政政策可能导致自我辩解的资本外逃的可能性，在这种情况下，可能会提出支持资本管制的民族主义论点。第三个工作领域考察了资本管制对政府通过对货币持有人征收通货膨胀税从经济中获得铸币税收入的能力的影响。特别是，控制措施对经济的影响可能至关重要，并对更好地理解通胀的原因具有重大影响。最后一个主题着眼于对国际金融一体化的影响和国际风险分担收益的实证衡量。这个项目的基本主题是控制国际资本流动。各国金融市场的一体化日益引起人们对经济稳定性、政策有效性以及对开展离岸业务的金融机构的监管的担忧。一些评论人士建议大幅退出自20世纪70年代初S以来一直在进行的国际金融自由化。这个项目之所以重要，是因为它涉及到理论模型和经验证据的发展，这些模型和经验证据将有助于评估采取各种资本管制的成本和收益。