SHERP

Capital Control as a Safeguard in the Capital Account Crisis

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Authors
Lee, ChonPyo
Issue Date
2004
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 17 (No. 1 2004): 25-54
Keywords
Capital control; Capital account crisis; Tobin tax; Safeguard
Abstract
Many emerging market economies suffered from financial crisis mainly caused by capital account imbalances. Main recommendations for preventing crises were to keep the house clean, maintain transparency and good governance, and sound management of macroeconomic policies. It is observed that in the area of finance there is no safeguard measure, whereas in the area of trade there are a few: while the current account imbalances have less severe effects than the capital account imbalances. Thereupon, it is suggested that at least a safeguard measure can be introduced in the area of finance, and capital control is suggested as an emergency safeguard.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1308
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.17(1) (Spring 2004)
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