The Multiple Effects of Capital Controls

Chokri Zehri

doi:10.18778/1508-2008.23.33

Autor

Chokri Zehri Assistant professor of economics, Prince Sattam Bin Abdulaziz University, College of Sciences and Humanities in Al‑Sulail, Department of Business Administration, Al‑Sulail, Saudi Arabia https://orcid.org/0000-0003-1420-5384

DOI:

https://doi.org/10.18778/1508-2008.23.33

Słowa kluczowe:

kapitał, kontrola, przepływy, skutki

Abstrakt

Kontrola kapitału jest postrzegana jako metoda zapewnienia stabilności finansowej lub poprawy programu dostosowań makroekonomicznych w gospodarkach, w których występują sztywności nominalne i nieoptymalna polityka pieniężna. Taka kontrola może przybierać różne formy, w tym jawnego lub ukrytego opodatkowania transgranicznych przepływów finansowych oraz wprowadzenia systemu podwójnych lub wielokrotnych kursów walutowych. Wykorzystując kwartalne dane dotyczące kontroli kapitału w 27 gospodarkach wschodzących w latach 2010–2018, przeanalizowano skuteczność kontroli kapitału pod różnymi kątami. Od kryzysu finansowego w 2008 r. wzmocnienie kontroli kapitału umożliwiło zwiększenie autonomii polityki pieniężnej i stabilności kursu walutowego, zgodnie z założeniami modelu Mundella‑Fleminga. Wyniki analizy pokazują, że gromadzenie rezerw międzynarodowych może rekompensować utratę wpływów i prowadzić do realizacji bardziej skutecznej polityki. Silniejsza kontrola napływu kapitału powoduje znaczne skutki uboczne, szczególnie w warunkach nadmiernej płynności. Te zewnętrzne efekty wynikają z problemu koordynacji polityki gospodarek wschodzących i są głównie spowodowane przez kontrolę kapitału stosowaną jako instrument zarządzania przepływami kapitału. W działaniach rządów, które muszą zarządzać ryzykiem związanym z gwałtownym napływem lub odpływem kapitału, kontrola kapitału powinna odgrywać kluczową rolę.

Pobrania

Brak dostępnych danych do wyświetlenia.

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