Wikipedista:Phamphi/Pískoviště
Kapitálové kontroly jsou opatření uvalená na rezidenty (např. transakční daň) omezujícího či přímo zakazujícího charakteru, jež národní vláda může využít k regulaci toků z kapitálových trhů do a z kapitálového účtu země. These measures may be economy-wide, sector-specific (usually the financial sector), or industry specific (for example, “strategic” industries). They may apply to all flows, or may differentiate by type or duration of the flow (debt, equity, direct investment; short-term vs. medium- and long-term).
Types of capital control include exchange controls that prevent or limit the buying and selling of a national currency at the market rate, caps on the allowed volume for the international sale or purchase of various financial assets, transaction taxes such as the proposed Tobin tax, minimum stay requirements, requirements for mandatory approval, or even limits on the amount of money a private citizen is allowed to remove from the country. There have been several shifts of opinion on whether capital controls are beneficial and in what circumstances they should be used.
Capital controls were an integral part of the Bretton Woods system which emerged after World War II and lasted until the early 1970s. This period was the first time capital controls had been endorsed by mainstream economics. In the 1970s free market economists became increasingly successful in persuading their colleagues that capital controls were in the main harmful. The US, other western governments, and the international financial institutions (the International Monetary Fund (IMF) and World Bank) began to take an increasingly critical view of capital controls and persuaded many countries to abandon them to reap the benefits of financial globalization.[1]
The Latin American debt crisis of the early 1980s, the East Asian Financial Crisis of the late 1990s, the Russian Ruble crisis of 1998-99, and the Global Financial Crisis of 2008, however, highlighted the risks associated with the volatility of capital flows, and led many countries—even those with relatively open capital accounts—to make use of capital controls alongside macroeconomic and prudential policies as means to damp the effects of volatile flows on their economies.
In the aftermath of the Global Financial Crisis, as capital inflows surged to emerging market economies, a group of economists at the IMF outlined the elements of a policy toolkit to manage the macroeconomic and financial-stability risks associated with capital flow volatility, and the role of capital controls within that toolkit.[2] The study, as well as a successor study focusing on financial-stability concerns stemming from capital flow volatility,[3] while not representing an IMF official view, were nevertheless influential in generating debate among policy makers and the international community, and ultimately in bringing about a shift in the institutional position of the IMF.[4][5][6] With the increased use of capital controls in recent years, the IMF has moved to destigmatize the use of capital controls alongside macroeconomic and prudential policies to deal with capital flow volatility. More widespread use of the capital controls instrument, however, raises a host of multilateral coordination issues, as enunciated for example by the G-20, echoing the concerns voiced by Keynes and White more than six decades ago.[7]
Nejnověji kapitálové kontroly zavedl Island (2008) nebo Kypr (viz anotace pro EH).
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- ↑ Stanley Fischer (1997), "Capital Account Liberalization and the Role of the IMF." Paper prepared for presentation at the seminar "Asia and the IMF ", held in Hong Kong, on September 19, 1997.
- ↑ Jonathan D. Ostry, Atish R. Ghosh, Karl Habermeier, Marcos Chamon, Mahvash S. Qureshi, and Dennis B.S. Reinhardt (2010-02-19). "Capital Inflows: The Role of Controls." Staff Position Note 10/04. International Monetary Fund.
- ↑ Jonathan D. Ostry, Atish R. Ghosh, Karl Habermeier, Luc Laeven, Marcos Chamon, Mahvash S. Qureshi, and Annamaria Kokenyne (April 2011), “Managing Capital Inflows: What Tools to Use?, IMF Staff Discussion Notes No. 11/06.” International Monetary Fund.
- ↑ The Economist (February 2010), "The IMF changes its mind on controls on capital inflows."
- ↑ Financial Times (February 2010), "IMF reconsiders capital controls opposition."
- ↑ The Economist (April 2011), "The Reformation: A disjointed attempt by the IMF to refine its thinking on capital controls."
- ↑ Jonathan D. Ostry, Atish R. Ghosh, and Anton Korinek (2012b) “Multilateral Aspects of Managing the Capital Account,” SDN/12/10. International Monetary Fund.