Microeconomic effects of capital controls: The chilean experience during the 1990s
本文利用1986-2001年间73家智利企业的财务数据，研究无息准备金要求对企业成本和融资方式的影响，发现其效应因企业规模和是否进入国际资本市场而异。
Abstract This paper provides empirical evidence on some of the microeconomic effects of the capital controls introduced in Chile during the 1990s, in particular, the unremunerated reserve requirement (URR). By looking at financial statements for a group of 73 Chilean firms during 1986–2001, the paper attempts to identify the effects of the URR on the firms' costs and ways of financing. Results show that the effects of the URR are firm specific; for instance, there are striking differences in the response to the URR among firms of different size and those with or without access to international capital markets. Copyright © 2003 John Wiley & Sons, Ltd.