Capital Controls and International Portfolio Theory : A Microeconomic Approach /

This paper examines the effects of capital controls on asset prices. A closed-form valuation model by Eun and Janakirimanan (1986) is extended to analyze the impact of three restrictions on international portfolio investment: a percentage quantity constraint on the amount of foreign securities a dom...

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Bibliographic Details
Main Author: Rose, Marjorie
Format: Journal
Language:English
Published: Washington, D.C. : International Monetary Fund, 1990.
Series:IMF Working Papers; Working Paper ; No. 1990/051
Online Access:Full text available on IMF
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245 1 0 |a Capital Controls and International Portfolio Theory :   |b A Microeconomic Approach /  |c Marjorie Rose. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 1990. 
300 |a 1 online resource (24 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper examines the effects of capital controls on asset prices. A closed-form valuation model by Eun and Janakirimanan (1986) is extended to analyze the impact of three restrictions on international portfolio investment: a percentage quantity constraint on the amount of foreign securities a domestic resident may hold in her portfolio; a constraint on the absolute amount of foreign securities a domestic resident may hold; and a percentage tax on the domestic purchase price of a foreign security. Comparative statics and numerical analysis are used to reveal the effects of these distortions on domestic and world equilibrium prices. 
538 |a Mode of access: Internet 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 1990/051 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/1990/051/001.1990.issue-051-en.xml  |z IMF e-Library