Capital Controls and the Timing of Exchange Regime Collapse

Daekuen Park, Jeffrey Sachs

This paper investigates the nature of balance of payments crises in regimes with capital controls. It extends earlier work on capital controls by assuming that households manage their consumption and asset portfolios to maximize intertemporal utility. Our main result is that capital controls are effective in delaying, but not preventing, a breakdown of a fixed exchange rate regime in the presence of money-financed fiscal deficits

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Year of publication:	May 1987
Authors:	Park, Daekuen
Other Persons:	Sachs, Jeffrey (contributor)
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Kapitalverkehrskontrolle \| Capital controls \| Monetäre Außenwirtschaftstheorie \| International monetary economics

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Extent:	1 Online-Ressource
Series:	NBER working paper series ; no. w2250
Type of publication:	Book / Working Paper
Language:	English
Notes:	Mode of access: World Wide Web System requirements: Adobe [Acrobat] Reader required for PDF files Hardcopy version available to institutional subscribers.
Other identifiers:	10.3386/w2250 [DOI]
Source:	ECONIS - Online Catalogue of the ZBW

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