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Title: |
A Quantitative Analysis of the Effects of
Capital Controls: Spain, 1986-1990 |
| Author: |
Bajo-Rubio, Oscar; Sosvilla-Rivero, Simon |
| Author
Affiliation: |
U Publica
Navarra; FEDEA and U Complutense Madrid |
| Source: |
International Economic Journal, Autumn 2001, v. 15, no. 3, pp. 129-146 |
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Publication Date: |
Autumn 2001 |
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Abstract: |
This paper offers a quantitative
assessment of the effectiveness of capital controls in Spain during the
period 1986-90. The analysis is based on a portfolio-balance model
previously estimated for the Spanish economy, where the complete
elimination of capital controls is simulated. Our results suggest that
capital controls would have avoided a net capital outflow amounting to
nearly a 4 per cent increase in the Spanish net foreign asset position,
as a quarterly average, during the first five years of Spain's
membership into the EU. |
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