Capital Controls : A Cure Worse Than the Problem?
Book Details
Format
Paperback / Softback
ISBN-10
0255365063
ISBN-13
9780255365062
Publisher
Institute of Economic Affairs
Imprint
Institute of Economic Affairs
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Jun 20th, 2002
Print length
111 Pages
Weight
136 grams
Dimensions
19.60 x 13.10 x 0.70 cms
Product Classification:
EducationEducation / Educational sciences / PedagogyFinanceFinance and the finance industry
Ksh 1,800.00
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Free capital movements played an important part in the economic integration and globalisation of the nineteenth century. This work analyses historical experience with capital controls, in Britain and elsewhere, and reviews the theory. It concludes that such controls are damaging and that there is no case for reviving them.
Free capital movements played an important part in the economic integration and globalisation of the nineteenth century. By the end of the century capital flows were on a remarkable scale. The modern use of capital controls dates back to the 1930s. Professor Capie analyses historical experience with capital controls, in Britain and elsewhere, and reviews the theory. He concludes that such controls are damaging and that there is no case for reviving them, as some economists have suggested and as anti-globalisers would wish. Capital mobility improves the worldwide allocation of resources, channelling resources to their most productive uses. Controls on capital movements result in dead weight losses and bureaucratic costs. They are difficult to remove and they damage the credibility of the government's commitment to a market economy.
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