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The determination of capital controls: Which role do exchange rate regimes play?

机译:资本管制的确定:汇率制度起什么作用?

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This paper investigates the role of exchange rate regime choices in the determination of capital controls in transition economies. We first use a simultaneous equations model to allow direct interactions between decisions on capital controls and on exchange rate regimes. We find that exchange rate regime choices strongly influence the imposition or removal of capital controls, but the feed-back effect is weak. We further estimate a single equation model for capital controls with exchange rate regime choices as independent variables, and we find that there is a hump-shaped relationship between exchange rate regime flexibility and capital control intensity.
机译:本文研究了汇率制度选择在确定转型经济体资本管制中的作用。我们首先使用联立方程模型,以允许资本控制决策和汇率制度之间的直接相互作用。我们发现汇率制度的选择强烈影响资本管制的实施或取消,但反馈作用却很弱。我们进一步估计了以汇率制度选择作为自变量的资本控制的单方程模型,并且我们发现汇率制度灵活性与资本控制强度之间存在驼峰形关系。

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