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Proceedings of the German Development Economics Conference, 2010 (Hannover) >
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http://hdl.handle.net/10419/39989
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| Title: | | Contagious Policies: An Analysis of Spatial Interactions Among Countries' Capital Account Policies  |
| Authors: | | Steiner, Andreas |
| Issue Date: | | 2010 |
| Series/Report no.: | | Proceedings of the German Development Economics Conference, Hannover 2010 41 |
| Abstract: | | Countries' capital account policies might be contagious in the sense that domestic policies are driven by other countries' policies. A model of strategic interactions is developed to show that countries' best response to policy changes elsewhere consists in imitating this policy. Using a spatial econometric model, the hypothesis of policy interactions is tested in a large panel data set. The evidence shows that capital account policies are contemporaneously correlated across countries. Concerning fundamentals, the move to a fixed exchange rate regime and an increase in real world interest rates are correlated with the imposition of capital account restrictions. |
| Subjects: | | Capital Controls Strategic Interaction Panel Data Analysis |
| JEL: | | C23 F21 F3 F42 |
| Document Type: | | Conference Paper |
| Appears in Collections: | | Proceedings of the German Development Economics Conference, 2010 (Hannover)
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