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Welfare Benefits of Capital Controls:The Case of Spain

Author

Listed:
  • Shigeto Kitano

    (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan)

  • Yoichi Matsubayashi

    (Graduate School of Economics, Kobe University, Japan)

Abstract

We estimate a small open economy RBC model augmented with a simple form of financial frictions using Spanish data and Bayesian methods. The estimated model matches well with key Spanish business cycle statistics. Using the estimated model, we find that significant welfare benefits may accrue from capital controls.

Suggested Citation

  • Shigeto Kitano & Yoichi Matsubayashi, 2014. "Welfare Benefits of Capital Controls:The Case of Spain," Discussion Paper Series DP2014-21, Research Institute for Economics & Business Administration, Kobe University.
    • Handle: RePEc:kob:dpaper:dp2014-21
    as

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    More about this item

    Keywords

    Capital controls; Welfare; DSGE; Small open economy models; Bayesian estimation;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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