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Autor:innen: 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Proceedings of the German Development Economics Conference, Hannover 2010 No. 41
Verlag: 
Verein für Socialpolitik, Ausschuss für Entwicklungsländer, Göttingen
Zusammenfassung: 
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.
Schlagwörter: 
Capital Controls
Strategic Interaction
Panel Data Analysis
JEL: 
C23
F21
F3
F42
Dokumentart: 
Conference Paper

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