Capital Account Liberalization : What Do Cross-Country Studies Tell Us?

Eichengreen, Barry

World Bank, Washington, DC

关键词: ACCOUNTING;    ACCOUNTING STANDARDS;    ASSET PRICES;    ASYMMETRIC INFORMATION;    BALANCE OF PAYMENTS;   

RP-ID  :  77362

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Capital account liberalization, it isfair to say, remains one of the most controversial and leastunderstood policies of our day. One reason is that differenttheoretical perspectives have very different implicationsfor the desirability of liberalizing capital flows. Anotheris that empirical analysis has failed to yield conclusiveresults. The answer, another influential strand of thoughtcontends, is that this efficient-markets paradigm isfundamentally misleading when applied to capital flows.Limits on capital movements are a distortion. It is animplication of the theory of the second best that removingone distortion need not be welfare enhancing when otherdistortions are present.