| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22224 |
| 来源ID | Working Paper 22224 |
| Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective | |
| Gianluca Benigno; Huigang Chen; Christopher Otrok; Alessandro Rebucci; Eric R. Young | |
| 发表日期 | 2016-05-09 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | A new theoretical literature studies the use of capital controls to prevent financial crises in models in which pecuniary externalities justify government intervention. Within the same theoretical framework, we show that when ex-post policies such as defending the exchange rate can contain or resolve financial crises, there is no need to intervene ex-ante with capital controls. On the other hand, if crises management policies entail some efficiency costs, then crises prevention policies become part of the optimal policy mix. In the standard model economy used in the literature with costly crisis management policies, the optimal policy mix combines capital controls in tranquil times with support for the real exchange rate to limit its depreciation during crises times. The optimal policy mix yields more borrowing and consumption, a lower probability of financial crisis, and twice as large welfare gains than in the socially planned equilibrium with capital controls alone. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w22224 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579898 |
| 推荐引用方式 GB/T 7714 | Gianluca Benigno,Huigang Chen,Christopher Otrok,et al. Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22224.pdf（557KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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