TY  - BOOK
AU  - Dellas,Harris
AU  - Stockman,Alan C.
ED  - National Bureau of Economic Research.
TI  - Self-fulfillment Expectations, Speculation Attacks, and Capitol Controls
T2  - NBER working paper series
PY  - 1988///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - June 1988; Hardcopy version available to institutional subscribers
N2  - This paper examines the endogenous implementation of capital controls in the context of a fixed exchange rate regime. It is shown that if there exists a non-zero probability that the policymaker's response to a speculative attack on official foreign reserves will be the introduction of controls, such an attack may occur even when current and expected monetary policy is consistent with a permanently viable, control-free fixed exchange rate regime. Consequently, capital controls may be the outcome of self- fulfilling expectations rather than the result of imprudent economic policies
UR  - https://www.nber.org/papers/w2625
UR  - http://dx.doi.org/10.3386/w2625
ER  -