TY  - BOOK
AU  - Rojas-Suárez,Liliana
AU  - Dooley,Michael P.
AU  - Mathieson,Donald J.
AU  - Rojas-Suárez,Liliana
TI  - Capital Mobility and Exchange Market Intervention in Developing Countries
T2  - IMF Working Papers; Working Paper
SN  - 1451855230 :
SN  - 1018-5941
PY  - 1996///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Capital Controls
KW  - imf
KW  - Capital Flows
KW  - Capital Mobility
KW  - Foreign Exchange
KW  - Private Capital Flows
KW  - Korea, Republic of
KW  - Mexico
KW  - Philippines
N2  - Official controls on interest rates and capital flows rule out the use of traditional interest rate parity conditions to measure changes in the degree of capital mobility confronting developing countries. This paper develops an alternative technique for measuring the cost of undertaking disguised capital flows when such official controls are present. This measure is derived from an intertemporal, optimizing model of an open economy incorporating the influence of the authorities' foreign exchange market activities. The paper suggests that the real cost of undertaking disguised capital flows declined on average by nearly 70 percent between the early 1970s and the late 1980s
UR  - http://elibrary.imf.org/view/IMF001/01098-9781451855234/01098-9781451855234/01098-9781451855234.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451855234
ER  -