Excessive volatility in capital flows
a Pigouvian taxation approach
by Olivier Jeanne
"This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle. It presents a model in which restricting capital inflows during boom times reduces the potential outflows during busts. This mitigates the feedback effects of deleveraging episodes, when tightening financial constraints on borrowers and collapsing prices for collateral assets have mutually reinforcing effects. In our model, capital controls reduce macroeconomic volatility and increase standard measures of consumer welfare"--National Bureau of Economic Research web site.
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Excessive volatility in capital flows: a Pigouvian taxation approach
2010, National Bureau of Economic Research
Electronic resource
in English
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Title from PDF file as viewed on 5/6/2010.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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| September 25, 2020 | Edited by MARC Bot | import existing book |
| January 3, 2011 | Created by ImportBot | initial import |