Capital ControlsConsequence of Financial Liberalisation[文献翻译]

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1、CapitalControls:ConsequenceofFinancialLiberalisation出处：InternationalFinanceinEmergingMarkets:IssuesWelfareEconomicsAnalysesandPolicyImplications作者：SongpornHansanti,SardarM.N.Islam,PeterSheehan原文：Theissuesofcapitalcontrolsandfinancialcriseshavebeenwidelydebatedineconomicliterature.Someeconomistsa

2、rguethatcontrolsoncapitalarebecomingdifficulttomaintain,especiallyinaliberalisingfinancialsystem.Coyetal.(1998)arguethatcapitalcontrolsareunlikelytoworkwellinaworldmovingtowardfinancialliberalisation,asthecontrolswillhaveanegativeimpactontheinvestmentatmosphere.Cooper(1999)advocatesthederegulati

3、onofcapitalcontrolsashebelievesthatfinancialliberalisationaimstoallowunrestrictedmovementofcapitalamongfreeeconomies,andpeopleshouldalsobeabletoplacetheirassetswherevertheyprefer.Inotherwords,financialliberalisationaimsatpromotingcomparativeadvantagesanddevelopmentbyattractingforeigninvestmentfu

4、nds.Capitalcontrolsmayhavedifferentmeaningstodifferentpeople.Khor(1998)andCrottyandEpstein(1999)refertocapitalcontrolsasanypolicydesignedtolimitorredirectcapitalaccounttransactions.Bakker(1996)definesitasanygovernmentmeasurestorestrictorbarthesendingofcapitaloutsideacountry.Neely(1999)arguesthat

5、thesebroaddefinitionssuggestthatitwillbedifficulttogeneraliseaboutcapitalcontrolsbecausetheycantakemanyformsandmaybeappliedforvariouspurposes.Edwards(1999)arguesthattheuseofcapitalcontrolsdoesnotrestrictonlytheexportofcapitalbutalsoincludesalimitonincomingfundsfromforeignsources.Inotherwords,hea

6、rguesthatcapitalcontrolsimplyprohibitionsontheexportofcapitalbyeitherresidentsornon-residentsaswellastoavarietyofcontrolsonfinancialandinvestmentprocessesapplicabletoresidentsandnon-residents.Inprinciple,wedefinecapitalcontrolsasanypolicyorrestrictionprohibitingresidentsandnon-residentsfromfreel

7、ymovingfinancialcapitalandinvestmentintooroutofacountry.Examplesofcapitalcontrolsincludeoutrightprohibitionsoncertaintypesofforeigninvestment,quantitativerestrictionsonforeignownershipofdomesticfirms,limitsorprohibitionsonho