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Capital Mobility, Capital Controls, and Globalization in the Twenty-First Century

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  • Sebastian Edwards

    (University of California, Los Angeles)

Abstract

The purpose of this paper is to analyze the effects of economic openness and increasing capital mobility on the economic growth. The author argues that "anti-globalization" views are based on incomplete evidence and tend to ignore important historical evidence. In the pare the author discusses the relationship between market-distortions and economic growth according to the economic theory. The author also deals with the debate on the "sequencing" of economic reforms and the effectiveness of controls on capital inflows based on the Chilean 1991-1998 experience.

Suggested Citation

  • Sebastian Edwards, 2002. "Capital Mobility, Capital Controls, and Globalization in the Twenty-First Century," The ANNALS of the American Academy of Political and Social Science, , vol. 579(1), pages 261-270, January.
    • Handle: RePEc:sae:anname:v:579:y:2002:i:1:p:261-270
    DOI: 10.1177/000271620257900116
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    References listed on IDEAS

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    1. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
    2. Montiel, Peter & Reinhart, Carmen M., 1999. "Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 619-635, August.
    3. De Gregorio, Jose & Edwards, Sebastian & Valdes, Rodrigo O., 2000. "Controls on capital inflows: do they work?," Journal of Development Economics, Elsevier, vol. 63(1), pages 59-83, October.
    4. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-329, June.
    5. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 21-42, Fall.
    6. Edwards, Sebastian, 1998. "Openness, Productivity and Growth: What Do We Really Know?," Economic Journal, Royal Economic Society, vol. 108(447), pages 383-398, March.
    7. Kevin Cowan & Jose De Gregorio, 1996. "Exchange rate policies and capital account management: Chile in the 1990s," Proceedings, Federal Reserve Bank of San Francisco, pages 465-488.
    8. Hans-Joachim Voth, 2003. "Convertibility, currency controls and the cost of capital in Western Europe, 1950-1999," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(3), pages 255-276.
    9. Salvador Valdés-Prieto & Marcelo Soto, 1998. "The Effectiveness of Capital Controls: Theory and Evidence from Chile," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 25(2), pages 133-164, January.
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