The Effects of Capital Controls on Exchange Rate Volatility and Output

The Effects of Capital Controls on Exchange Rate Volatility and Output
This paper extends the Dornbusch model of overshooting exchange rates to discuss both exchange rate and output effects of capital controls that involve additional costs for international asset transactions. We show that, on the one hand, such capital controls have the merit of reducing the volatility of exchange rates following a monetary shock.... READ MORE...

Publication date: November 2001
ISBN 9781451859515
$15.00

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