Erschienen:
Cambridge, Mass: National Bureau of Economic Research, August 2016
Erschienen in:NBER working paper series ; no. w22481
Umfang:
1 Online-Ressource
Sprache:
Englisch
DOI:
10.3386/w22481
Identifikator:
Reproduktionsnotiz:
Hardcopy version available to institutional subscribers
Entstehung:
Anmerkungen:
Mode of access: World Wide Web
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Beschreibung:
This paper contributes to a literature that studies optimal capital control policy in open economy models with pecuniary externalities due to flow collateral constraints. It shows that the optimal policy calls for capital controls to be lowered during booms and to be increased during recessions. These findings are at odds with the conventional view that capital controls should be tightened during expansions to curb capital inflows and relaxed during contractions to discourage capital flight