International Capital Controls, A Literature Investigation on Capital Control Applications of European and Asian Countries
Journal Title: Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi - Year 2019, Vol 3, Issue 2
Abstract
The protectionist and intrusive approach, which is a result of the Keynesian thinking that has influenced international markets from 1929 to 1970, has now been replaced by more liberal and openly functioning markets. While this approach was a lifeline for the underdeveloped or developing economies that previously needed financial capital, the sudden fluctuations in capital inflows cause to negative consequences on countries macroeconomic variables. When the previous studies in this field are analyzed, it is seen that the instant capital movement creates a high volatility in the real exchange rates, interest rates and capital marktes of the countries, and consequently causes the markets to become more fragile and dependent on foreign markets. Therefore, countries have developed a series of regulatory and supervisory mechanisms under capital control rules in order to eliminate this negative situation. The most common method among these is the application of Tobin tax and has been used by many countries at different times. In this study, capital controls applied since 1992 were examined. Overall, although the results of capital controls implemented in different countries have been partly successful, they have failed in many countries except Malaysia and Chile. As a result of many studies; It is stated that the applications will be closer to success when each country's own economic, financial and geographical dynamics are taken into consideration.
Authors and Affiliations
Samet GÜRSOY, Ayhan KOÇ
Keywords
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- EP ID EP665734
- DOI 10.31200/makuubd.607876
- Views 108
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