Nicolas E. MagudCarmen M. ReinhartKenneth S. Rogoff
1-47页查看更多>>摘要：This paper is a meta-analysis of the literature on capital controls that aims to solve (at least) four very serious apples-to-oranges problems: (i) There is no unified theoretical framework to analyze the macroeconomic consequences of controls; (ii) there is significant heterogeneity across countries and time in the control measures implemented; (iii) there are multiple definitions of what constitutes a "success"; and (iv) the empirical studies lack a common methodology-furthermore these are significantly over-weighted by a couple of country cases (Chile and Malaysia). In this paper, we attempt to address some of these shortcomings by being very explicit about what measures are construed as capital controls. Also, given that success is measured so differently across studies, we sought to standardize the results of the close to 40 empirical studies we summarize in this paper. The standardization was done by constructing two indices of capital controls: Capital Controls Effectiveness Index (CCE Index), and Weighted Capital Controls Effectiveness Index (WCCE Index). The difference between them lies in that the WCCE controls for the differentiated degree of methodological rigor applied in each of the considered papers. Inasmuch as possible, we bring to bear the experiences of less well-known episodes than those of Chile and Malaysia, and the more recent controls on outflows in emerging Europe. We find that only under country-specific characteristics are capital controls effective, implying that, more often than not, in practice they do not work. We also show that the equivalence in effects of price vs. quantity capital controls is conditional on the level of short-term capital flows.
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Wataru NozawaHoonsik Yang
137-150页查看更多>>摘要：We extend the Deviatov and Wallace (2014) model of inside money in which they find some examples where inflation is beneficial. Their model was restrictive in that it could not address policies that provide interests on cash due to the small upper bound on money holdings. With a higher upper bound on money holdings, such policies can be engineered without inflation, and it is uncertain whether inflation is necessary for the optima. We investigate this possibility and confirm their results in a more generalized setting. At the optima, interest on cash is not provided, and positive inflation arises in a similar manner to Deviatov and Wallace (2014).
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Lonnie L. BryantMaureen ButlerZhongling Cao
197-211页查看更多>>摘要：The mutual fund fee structure varies substantially across funds, a major variable being whether a contract imposes a fixed fee or marginal fee structure. This paper examines how the use of a fee structure affects broker compensation, investor investment decisions and broker benefits. Theory suggests that marginal fee contracts are the results of either economies of scale or non-linear fund performance. The intent of this study is to understand if the fee structure framing has a significant economic effect on broker compensations. Furthermore, to understand if fund inflows as well as fund performance are directly influenced by fee structure.
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Peisen LiuShoujun HuangHoujian Li
213-227页查看更多>>摘要：The argument on the puzzling relationship between bank concentration and firms' debt structure in China remains inconclusive as the effects of firm ownership competition and firm size competition are intertwined in the existing research. This article utilizes the market shares of Big Four state-owned banks to investigate whether bank concentration affects debt structure in China. The results show that bank concentration has a stronger positive effect on debt maturity for state-owned enterprises and large-sized enterprises. The effect of bank concentration on debt maturity strengthens with firm state ownership and firm size. Moreover, state-owned enterprises and large-sized enterprises are associated with a longer debt maturity compared to non-state-owned enterprises and small and medium-sized enterprises, respectively. These results reveal that privatizing state-owned banks and state-owned enterprises would be an effective way to reduce credit discrimination and relieve the capital constraints of non-state-owned enterprises and small and medium-sized enterprises.
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Peter J. StauvermannJin Hu
229-246页查看更多>>摘要：Because of an aging population, China is expected to raise the mandatory retirement age in order to mitigate the pressure on its pension system. Using an Overlapping Generations model we analyze the economic impacts resulting from an increase of the life expectancy and an increased retirement age on the pension system. The results show that it is ambiguous if an increasing retirement age will cause an increase or decrease of the pension benefits. We show that, the higher the share of capital income, the more probable it becomes that an increase of retirement age will exacerbate China's pension problems.
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