Capital Controls and Trade Liberalization in a Monetary Economy

Capital Controls and Trade Liberalization in a Monetary Economy
This paper reexamines Aizenman's (1985) results on the effects of capital controls during unanticipated trade liberalization using an intertemporal optimizing monetary model. Unlike in Aizenman's model, which is based on the currency substitution model, foreign money is an interest-bearing asset in this paper, and its major role is to smooth... READ MORE...

Publication date: March 1999
ISBN 9781451844122
$15.00

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