01665cas a2200241 a 4500 AALejournalIMF008005 230101c9999 xx r poo 0 0eng d 15.00 USD 9781451930931 1020-7635 BD-DhAAL BD-DhAAL International Monetary Fund. Research Dept. IMF Staff papers : Volume 43 No. 4. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (212 pages) IMF Staff Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper reviews recent theoretical and empirical work on controls over International capital movements. Theoretical contributions reviewed focus on 'second-best ' arguments for capital market restrictions, as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been 'effective ' in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reducing the governments' debt-service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory. Mode of access: Internet IMF Staff Papers; IMF Staff Papers ; No. 1996/004 Full text available on IMF http://elibrary.imf.org/view/journals/024/1996/004/024.1996.issue-004-en.xml IMF e-Library