Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach
从庇古税角度分析新兴市场的资本流动审慎管制，通过模型说明在繁荣期限制资本流入可减少萧条期资本外流，降低宏观经济波动并提升消费者福利。
This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle. It presents a model in which restricting capital inflows during boom times reduces the potential outflows during busts. This mitigates the feedback effects of deleveraging episodes, when tightening financial constraints on borrowers and collapsing prices for collateral assets have mutually reinforcing effects. In our model, capital controls reduce macroeconomic volatility and increase standard measures of consumer welfare.