Hans-Werner Sinn plädiert für eine Begrenzung der Notfallkredite, die die EZB Griechenland gewährt, und für die Einführung eine Kapitalverkehrskontrolle durch die griechische Regierung.

Die Europäische Währungsunion steckt in einer tiefen Zahlungsbilanzkrise. Privates Kapital fließt imgroßen Stil von den Peripherieländern in die Kernländer. Um den Fortbestand des Euro zugewährleisten treten öffentliche, intergouvernementale Kredite und Target-Kredite der...

The European Monetary Union is experiencing a serious balance-of-payments crisis. Private capital is flowing from the periphery countries into the core countries on a large scale. Public, inter-government credit and Target credit granted by national central banks is replacing private capital to...

This paper shows how in theory, if the contingencies in response to which it is imposed are fully anticipated, independently verifiable and not under government control, then saving and investment should not fall following the imposition of a capital levy. Nor should the government find it more...

In the classic analysis of smuggling, importers choose the optimal mix of legal and illegal trade, given trade taxes and the technology of detection. This paper introduces an inconvertible currency into the framework, so that illegal trade is valued at a rate higher than the (fixed) official...

This paper utilizes a very simple model to study the timing and determinants of speculation against a fixed exchange rate regime when investors are heterogeneous because of locational differences. Location matters because resident players may incur smaller costs when taking a short-position, are...

We investigate the determinants of capital flight from 30 sub-Saharan African countries, including 24 countries classified as severely indebted low-income countries, for the period 1970-1996. The econometric analysis reveals that external borrowing is positively and significantly related to...

This article presents estimates of capital flight from 25 low-income sub-Saharan African countries in the period 1970 to 1996. Capital flight totaled more than $193 billion (in 1996 dollars); with imputed interest earnings, the accumulated stock of flight capital amounts to $285 billion. The...

The term 'sudden stop' refers to a scenario in which an emerging market is suddenly cut off from international capital markets. Losing access to capital markets can be devastating, often resulting in a currency crisis and recession. However, some sudden stop episodes are driven not by global...