Temporary capital controls in a balance-of-payments crisis

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<title>Temporary capital controls in a balance-of-payments crisis</title>
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<name type="personal" usage="primary" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080237486">
<namePart>Bacchetta, Philippe</namePart>
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<namePart>Escuela Superior de Administración y Dirección de Empresas</namePart>
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<abstract displayLabel="Summary">The new directive on the liberalization of capital movements enacted recently by the European Community will remove all restrictions on international capital movements in a near future. This directive, however, contains a safeguard clause that permits a member state to use temporary controls in case of balance-of-payments difficulties. To consecuences of the use of temporary controls are little known, in particular if they are anticipated. This paper attempts to shed some light on this issue and analyzes the effect of anticipated temporary capital controls in a balance-of-payements crisis, using a model based on intertemporal optimization</abstract>
<note type="statement of responsibility">by Philippe Bachetta</note>
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<topic>Libre circulación de capitales</topic>
</subject>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080574710">
<topic>Balanza de pagos</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080575298">
<topic>Crisis económica</topic>
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<topic>Reserva de divisas</topic>
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<topic>Unión Europea</topic>
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<topic>Normativa comunitaria</topic>
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