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The effects of capital controls on exchange rate volatility and output

Author: Michael Frenkel; International Monetary Fund. Monetary and Exchange Affairs Department.
Publisher: [Washington, D.C.] : International Monetary Fund, Monetary and Exchange Affairs Dept., ©2001.
Series: IMF working paper, WP/01/187.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
This paper extends the Dornbusch model of overshooting exchange rates to discuss both exchange rate and output effects of capital controls that involve additional costs for international asset transactions. We show that, on the one hand, such capital controls have the merit of reducing the volatility of exchange rates following a monetary shock. On the other hand, the implementation increases exchange rate  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Effects of capital controls on exchange rate volatility and output.
[Washington, D.C.] : International Monetary Fund, Monetary and Exchange Affairs Dept., ©2001
(OCoLC)48658170
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Michael Frenkel; International Monetary Fund. Monetary and Exchange Affairs Department.
ISBN: 1282039377 9781282039377
OCLC Number: 647589156
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (28 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/01/187.
Responsibility: Michael Frenkel [and others].

Abstract:

This paper extends the Dornbusch model of overshooting exchange rates to discuss both exchange rate and output effects of capital controls that involve additional costs for international asset transactions. We show that, on the one hand, such capital controls have the merit of reducing the volatility of exchange rates following a monetary shock. On the other hand, the implementation increases exchange rate volatility in the short run and induces costs for the real sector in the form of lower equilibrium output levels.

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