Capital Controls and International Trade Finance
研究禁止个人持有外国资产、仅允许企业为进出口融资而交易外国资产的影响，发现资产市场扭曲会传导至商品市场，且资本管制显著影响经济动态与稳态。
This paper studies the effects of prohibiting individuals from holding foreign assets, and of allowing firms to trade in foreign assets only up to what is needed to finance export and import activities. Although firms can perform arbitrage between domestic and foreign financial markets, the distortions in asset markets are not fully arbitraged away but instead they are transmitted to domestic goods market. The paper discusses the effects of shocks in foreign financial markets and in domestic fiscal policy. We show that the dynamics and steady states are crucially affected by capital controls.