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Collateral damage : exchange controls and international trade

Author: Shang-Jin Wei; Zhiwei Zhang; International Monetary Fund. Research Department.
Publisher: [Washington, D.C.] : International Monetary Fund, 2007.
Series: IMF working paper, WP/07/8.
Edition/Format:   eBook : EnglishView all editions and formats
Database:WorldCat
Summary:
While new conventional wisdom warns that developing countries should be aware of the risks of premature capital account liberalization, the costs of not removing exchange controls have received much less attention. This paper investigates the negative effects of exchange controls on trade. To minimize evasion of controls, countries often intensify inspections at the border and increase documentation requirements.  Read more...
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Genre/Form: Electronic books
Computer network resources
Additional Physical Format: Print version:
Wei, Shang-Jin.
Collateral damage.
[Washington, D.C.] : International Monetary Fund, 2007
(OCoLC)141188807
Material Type: Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Shang-Jin Wei; Zhiwei Zhang; International Monetary Fund. Research Department.
ISBN: 1283511487 9781283511483
OCLC Number: 568151181
Notes: "January 2007."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (27 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/07/8.
Other Titles: Exchange controls and international trade
Responsibility: prepared by Shang-Jin Wei and Zhiwei Zhang.

Abstract:

While new conventional wisdom warns that developing countries should be aware of the risks of premature capital account liberalization, the costs of not removing exchange controls have received much less attention. This paper investigates the negative effects of exchange controls on trade. To minimize evasion of controls, countries often intensify inspections at the border and increase documentation requirements. Thus, the cost of conducting trade rises. The paper finds that a one standard-deviation increase in the controls on trade payment has the same negative effect on trade as an increase in tariff by about 14 percentage points. A one standard-deviation increase in the controls on FX transactions reduces trade by the same amount as a rise in tariff by 11 percentage points. Therefore, the collateral damage in terms of foregone trade is sizable.

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