Exchange and Capital Controls As Barriers to Trade

Exchange and Capital Controls As Barriers to Trade

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This paper considers the effect of exchange and capital controls on trade in the gravity-equation framework, in which bilateral exports depend on the distance between countries, the countriesa€™ size and wealth, tariff barriers, and exchange and capital controls. The extent of exchange and capital controls is measured by unique indices. In view of the degree to which countries have liberalized their exchange systems, controls on current payments and transfers are found to be a minor impediment to trade, while capital controls significantly reduce exports into developing and transition economies. Thus, further capital account liberalization could significantly foster trade.Exchange. and. Capital. Controls. Index of Exchan e and Ca 1 ital Controls I Index of Controls on Current Pazments and ... security restrictions Interest payments Sale or issue abroad by residents In accordance with IMF BB Decision No. ... fide test Controls on credit operations Domes tic currency Medical costs Commercial credits Foreign currency Prior approval By ... e s tem Credit card use abroad Prior approval Quantitative limits Indicative limits/bona fide test Open foreign exchangeanbsp;...

Title:Exchange and Capital Controls As Barriers to Trade
Author: Ms. Natalia T. Tamirisa
Publisher:International Monetary Fund - 1998-06-01

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