Capital controls, banking competition, and monetary policy
构建了一个包含异质性主体和不完全竞争金融中介的一般均衡模型，研究资本管制和银行业集中度如何影响经济发展，发现集中度提高会推高国内借贷成本并增加对国际资本市场的依赖，且高货币增长下资本管制约束增强，货币政策对资本形成的影响更显著。
Abstract How do capital controls and banking concentration affect economic development? This paper develops a general equilibrium model to study these important issues. To do so, we construct a framework with heterogeneous agents and imperfectly competitive financial intermediaries who help depositors manage liquidity risk. Importantly, higher levels of concentration raise the cost of domestic borrowing which increase the reliance on international capital markets. Finally, once the rate of money growth is sufficiently high, capital controls bind and the effects of monetary policy on capital formation are more pronounced.