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Capital controls and international interest rate differentials
[Zeitschriftenartikel]
Abstract The literature on interest rate differentials caused by capital controls is mostly case based yet. The present paper tries to find general evidence how large the interest rate differentials - and thus the distortions of capital markets - actually are. Advocates of capital controls generally argue, t... mehr
The literature on interest rate differentials caused by capital controls is mostly case based yet. The present paper tries to find general evidence how large the interest rate differentials - and thus the distortions of capital markets - actually are. Advocates of capital controls generally argue, that capital controls (should) affect capital flow composure rather than the total, analogue to Tobin's idea concerning currency markets only. Based on a new measure for capital controls, which is including information on the direction of the flows, which are subject to the control, it is shown here with a sample of 86 countries from 1997 to 2003, that the interest rate effects are to severe to sign this assumption. The results indicate, that capital controls, as they are commonly employed, have significant impact on interest rates, hence risking accordingly high growth impeding effects.... weniger
Klassifikation
Volkswirtschaftslehre
Freie Schlagwörter
Capital Controls; Financial Openness; Interest Rates; F21; F32
Sprache Dokument
Englisch
Publikationsjahr
2010
Seitenangabe
S. 681-688
Zeitschriftentitel
Applied Economics, 42 (2010) 6
DOI
https://doi.org/10.1080/00036840701720770
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)