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1、WP/11/298TheNewEconomicsofCapitalControlsImposedforPrudentialReasons*AntonKorinek©2011InternationalMonetaryFundWP/11/298IMFWorkingPaperResearchDepartmentTheNewEconomicsofCapitalControlsImposedforPrudentialReasons*PreparedbyAntonKorinek†AuthorizedfordistributionbyJonathanD.OstryDece
2、mber2011ThisWorkingPapershouldnotbereportedasrepresentingtheviewsoftheIMF.TheviewsexpressedinthisWorkingPaperarethoseoftheauthor(s)anddonotnecessarilyrepresentthoseoftheIMForIMFpolicy.WorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtofurtherde
3、bate.AbstractThispaperprovidesanintroductiontotheneweconomicsofprudentialcapitalcontrolsinemergingeconomies.Thisliteratureisbasedonthenotionthatthereareexternalitiesassociatedwithfinancialcrisesbecauseindividualmarketparticipantsdonotinternalizetheircontributiontoaggregatefinancial
4、instabilitywhentheymaketheirfinacingdecisions.Asaresulttheyimposeexternalitiesintheformofgreaterfinancialinstabilityoneachother,andtheprivatefinancingdecisionsofindividualsaredistortedtowardsexcessiverisk-taking.Wediscusshowprudentialcapitalcontrolscaninduceprivateagentstointernali
5、zetheseexternalitiesandtherebyincreasemacroeconomicstabilityandenhancewelfare.JELClassificationNumbers:F34,F41,E44,H23Keywords:financialcrises,balancesheeteffects,pecuniaryexternalities,capitalcontrolsAuthor’sE-MailAddress:http://www.korinek.com/contact*Thispaperisaversionofthepape
6、rentitled“TheNewEconomicsofPrudentialCapitalControls”intheIMFEconomicReview59(3),2011,pp.523-561.Throughoutthispaper,theterm“prudentialcapitalcontrols”referstocapitalcontrolsthatareimposedwiththeobjectivetoreducetheriskoffuturefinancialinstability.†TheauthorwouldliketothankJulienBe
7、ngui,MayaEden,MartinEvans,GiovanniFavara,RexGhosh,OlivierJeanne,NicolasMagud,HaNguyen,KrisztinaOrban,JonathanOstry,RobertoPiazza,CarmenReinhartandJosephStiglitzaswellastwoanonymousrefereesforhelpfulcommentsandsuggestions.TheauthorwouldalsoliketoacknowledgeCarmenReinhartforsharingda
8、taontherelationshipbetween
