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2013/2014

Capital controls and international development: A theoretical reconsideration

Global Policy,2014,51):114-120

作者Li Sheng
摘要

This survey article develops a stochastic framework to analyze capital inflows and outflows and to illustrate how a developing economy can determine its level of capital account openness and simultaneously balance concerns regarding economic growth and volatility. We find that rapid economic growth inevitably causes fluctuations in a financially immature economy that has a high level of capital account openness. We identify a conflict of interest between capital-rich and capital-importing economies when capital account liberalization is promoted by the former.


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