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dc.contributor.authorvon Hagen, Jürgenen
dc.contributor.authorZhang, Haipingen
dc.date.accessioned2007-04-25-
dc.date.accessioned2010-09-01T09:47:45Z-
dc.date.available2010-09-01T09:47:45Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/39551-
dc.description.abstractWe develop a model of a small open economy with credit market frictions of the Holmstrom-Tirole type to analyze the consequences of capital account liberalization. We show that financial opening facilitates the inflows of cheap foreign funds and improves production efficiency. Reforms increasing labor market flexibility can further improve such efficiency gains. However, capital account liberalization also has important distributional consequences. Specifically, it may be impossible to use public transfers to fully compensate the loss of those negatively affected by capital account liberalization. This explains why financial opening often meets fierce opposition even though it leads to efficiency gains for the economy as a whole. From a practical perspective, capital controls should be lifted gradually for a smooth transition.en
dc.language.isoengen
dc.publisher|aRheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI) |cBonnen
dc.relation.ispartofseries|aZEI Working Paper |xB 01-2006en
dc.subject.jelE32en
dc.subject.jelE44en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordCapital account liberalizationen
dc.subject.keywordCapital controlsen
dc.subject.keywordFinancial frictionsen
dc.subject.keywordMacroeconomic fluctuationsen
dc.subject.keywordAsset price overshootingen
dc.subject.stwKapitalmarktliberalisierungen
dc.subject.stwKapitalverkehrspolitiken
dc.subject.stwWohlfahrtseffekten
dc.subject.stwKleines-offenes-Landen
dc.subject.stwTheorieen
dc.titleA welfare analysis of capital account liberalization-
dc.type|aWorking Paperen
dc.identifier.ppn527775827en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zeiwps:B012006en

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