Temporary capital controls in a balance-of-payments crisis

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      <subfield code="a">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</subfield>
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