The Effectiveness of Capital Controls and Their Implications for Monetary Autonomy in the Presence of Incomplete Market Separation

1987 ◽  
Author(s):  
Daniel Gros
Keyword(s):  
Capital Controls ◽  
Incomplete Market ◽  
Monetary Autonomy

scholarly journals Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy

2015 ◽  
Vol 7 (4) ◽  
pp. 33-66 ◽  
Author(s):  
Michael W. Klein ◽  
Jay C. Shambaugh
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Developing Economies ◽  
Capital Controls ◽  
International Macroeconomics ◽  
Exchange Rate Flexibility ◽  
Moderate Amount ◽  
Central Result ◽  
Limited Exchange ◽  
Monetary Autonomy

A central result in international macroeconomics is that a government cannot simultaneously opt for open financial markets, fixed exchange rates, and monetary autonomy; rather, it is constrained to choosing no more than two of these three. This paper considers whether partial capital controls and limited exchange rate flexibility allow for full monetary policy autonomy. We find partial capital controls do not generally allow for greater monetary control than with open capital accounts, unless they are quite extensive, but a moderate amount of exchange rate flexibility does allow for some degree of monetary autonomy, especially in emerging and developing economies. (JEL E52, F32, F33)

The Importance of Capital Controls in Vietnam

2013 ◽  
Vol 215 ◽  
pp. 32-46
Author(s):  
TAM BANG VU ◽  
ERIC IKSOON IM
Keyword(s):  
Capital Controls
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