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1、CapitalControls:ConsequenceofFinancialLiberalisation出處：InternationalFinanceinEmergingMarkets:IssuesWelfareEconomicsAnalysesPolicyImplications作者：SongpnHansantiSardarM.N.IslamPeterSheehan原文：Theissuesofcapitalcontrolsfinanc

2、ialcriseshavebeenwidelydebatedineconomicliterature.Someeconomistsarguethatcontrolsoncapitalarebecomingdifficulttomaintainespeciallyinaliberalisingfinancialsystem.Coyetal.(1998)arguethatcapitalcontrolsareunlikelytowkwelli

3、nawldmovingtowardfinancialliberalisationasthecontrolswillhaveanegativeimpactontheinvestmentatmosphere.Cooper(1999)advocatesthederegulationofcapitalcontrolsashebelievesthatfinancialliberalisationaimstoallowunrestrictedmov

4、ementofcapitalamongfreeeconomiespeopleshouldalsobeabletoplacetheirassetswherevertheyprefer.Inotherwdsfinancialliberalisationaimsatpromotingcomparativeadvantagesdevelopmentbyattractingfeigninvestmentfunds.Capitalcontrolsm

5、ayhavedifferentmeaningstodifferentpeople.Kh(1998)CrottyEpstein(1999)refertocapitalcontrolsasanypolicydesignedtolimitredirectcapitalaccounttransactions.Bakker(1996)definesitasanygovernmentmeasurestorestrictbarthesendingof

6、capitaloutsideacountry.Neely(1999)arguesthatthesebroaddefinitionssuggestthatitwillbedifficulttogeneraliseaboutcapitalcontrolsbecausetheycantakemanyfmsmaybeappliedfvariouspurposes.Edwards(1999)arguesthattheuseofcapitalcon

7、trolsdoesnotrestrictonlytheexptoffromtheBankofThail(BOT)befetheycouldbetakenoutofthecountry.AsaresultofitsfinancialliberalisationpolicyThaigovernmentgraduallyremovedcontrolsonbothincomingoutgoingcapitalduringtheprocessof

8、financialliberalisation(1990–1994)astheybelievedfreeflowofcapitalplaysamajroleineconomicgrowthdevelopmentofanycountry.FirsttheBOTallowedthecommercialsecttoprocesspurchasesoffeigncurrencywithoutpriapprovalthelimitofoutflo

9、wsfaloanrepaymentwasalsoraisedon21May1990.Secondon1April1991theBOTannouncedthatthepubliccouldfreelypurchasesellfeignexchangefromcommercialbankswithoutpriapproval.Thirdon1May1992ThaiexpterswereallowedtotransferfundsoutofT

10、hailtopayfexptsfeignloanswithoutpriapprovalthecommercialbankswereallowedtomanagetheirfundsmefreely.FinallythelimitonbothThaifeignfundstobetakenoutofThailwasincreasedon10January1994.Insumthepatternofcapitalflowstoboththeb

11、anknonbanksectfluctuatedsincethebeginningoffinancialliberalisationcapitalcontrolsderegulationuntil1997whenthefinancialcrisisstruck.Fthebankingsectcapitalinflowstocommercialbanksalsofluctuatedthroughouttheperiod.TheBIBFex

12、periencedhighcapitalflowswhichrosemarkedlyfromitsestablishmentin1993itremainedthehighestcapitalflowgeneratfThailuntil1995.From1995onwardthebankingsectexperiencedadeclineofcapitalflowsinbothcommercialbankstheBIBF.Liketheb

13、ankingsectmostcapitalflowstothenonbanksectalsofluctuatedthroughouttheperiod.Capitalflowsasloansptfolioinvestmentnonresidentaccountvariedduring1990–1994.During19951996capitalflowsfthesethreepurposesincreasedsignificantlya

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