Are capital controls in the foreign exchange market effective?

被引：3

作者：

Straetmans, Stefan T. M. ^{[1
]}

Versteeg, Roald J. ^{[2
]}

Wolff, Christian C. P. ^{[3
,4
]}

机构：

[1] Maastricht Univ, Sch Business & Econ, Maastricht, Netherlands

[2] Univ London Birkbeck Coll, Dept EMS, London WC1E 7HX, England

[3] Univ Luxembourg, Luxembourg Sch Finance, Luxembourg, Luxembourg

[4] Ctr Econ Policy Res, London SW1Y 6LA, England

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2013年 / 35卷

关键词：

Capital controls; Exchange rates; Interest differentials; Forward premia; Monetary freedom; Political risk; COVERED INTEREST PARITY; RATES; ARBITRAGE; DOLLAR; RISK;

D O I：

10.1016/j.jimonfin.2013.01.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

One of the reasons for governments to employ capital controls is to obtain some degree of monetary independence. In this paper we test whether capital controls can reduce the link between exchange rates fluctuations and cross border interest differentials. Recent capital control proxies are used in order to determine the date of capital account liberalization for a panel of Western European and emerging countries. Results show that capital controls have a very limited effect on observed deviations from interest parities, even when accounting for the political risk associated with capital controls. (C) 2013 Elsevier Ltd. All rights reserved.

引用

页码：36 / 53

页数：18

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