How Effective are Capital Controls?
回顾历史证据，认为资本流出管制无效且易被规避并滋生腐败，同时分析智利资本流入管制经验，指出其效果被夸大。
A number of authors have recently argued that, in order to avoid financial instability, emerging countries should rely on capital controls. Two type of controls have been considered: controls on capital outflows, and controls on capital inflows. In this paper I review the historical evidence on the effectiveness of these two type of controls. I argue that controls on outflows have been ineffective. They are circumvented and breed corruption. I also analyze Chile's recent experience with controls on inflows, and I argue that their effectiveness has been exaggerated.