INTERNATIONAL CAPITAL CONTROLS, A LITERATURE INVESTIGATION ON CAPITAL CONTROL APPLICATIONS OF EUROPEAN AND ASIAN COUNTRIES
Öz
The
protectionist and intrusive approach, which is a result of the Keynesian
thinking that has influenced international markets from 1929 to 1970, has now
been replaced by more liberal and openly functioning markets. While this
approach was a lifeline for the underdeveloped or developing economies that
previously needed financial capital, the sudden fluctuations in capital inflows
cause to negative consequences on countries macroeconomic variables.
When
the previous studies in this field are analyzed, it is seen that the instant
capital movement creates a high volatility in the real exchange rates, interest
rates and capital marktes of the countries, and consequently causes the markets
to become more fragile and dependent on foreign markets. Therefore, countries
have developed a series of regulatory and supervisory mechanisms under capital
control rules in order to eliminate this negative situation. The most common method among these is the application
of Tobin tax and has been used by many countries at different times.
In this study, capital controls applied since 1992
were examined. Overall, although the results of capital controls implemented in
different countries have been partly successful, they have failed in many
countries except Malaysia and Chile.. As a result of many studies; It is stated
that the applications will be closer to success when each country's own
economic, financial and geographical dynamics are taken into consideration.
Anahtar Kelimeler
International Capital Flows Capital Controls Capital Control Applications
Kaynakça
- Akça, E. E., Bal, H., ve Demir, Ö. (2016). Sermaye kontrollerinin etkinliği: yeni gelişen piyasa ekonomilerinden bazı deneyimler. Imuco 2016, 684.
- Ariyoshi, M. A., Kirilenko, M. A., Ötker, M. I., Laurens, M. B., Kriljenko, M. J. I. C., ve Habermeier, M. K. F. (2000). Capital controls: country experiences with their use and liberalization (No. 190). International Monetary Fund. http://www.imf.org/external/pubs/ft/op/op190/index.htm
- Balin, B. J. (2008). India’s New Capital Restrictions: What Are They, Why Were They Created, and Have They Been Effective?. Johns Hopkins University Paul H. Nitze School of Advanced International Studies (SAIS) Working Paper.
- Cárdenas, M., ve Barrera, F. (1997). On the effectiveness of capital controls: The experience of Colombia during the 1990s. Journal of Development Economics, 54(1), 27-57.
- Cardoso, E., ve Goldfajn, I. (1998). Capital flows to Brazil: the endogeneity of capital controls. Staff Papers, 45(1), 161-202.
- Chamon, M. ve Garcia, M. (2014). Capital controls in Brazil: Effective? 15th Jacques Polak Annual Research Conference.
- Clements, B. J. (2009). Are capital controls effective in the 21st century? The recent experience of Colombia. International Monetary Fund.
- Coelho, B., ve Gallagher, K. P. (2010). Capital controls and 21st century financial crises: evidence from Colombia and Thailand. PERI Working Papers, 183.
- Concha, A. ve A. Galindo, 2008, “An Assessment of Another Decade of Capital Controls in Colombia: 1998-2008.” Paper presented at the XIII LACEA Meeting (Rio de Janeiro: Brazil).
- Edison, H., ve Reinhart, C. M. (2001). Stopping hot money. Journal of Development Economics, 66(2), 533-553.
- Epstein, Gerald, Ilene Grabel, and Jomo Kwame Sundaram,” Capital Management Techniques in Developing Countries: An Assessment of Experiences from the 1990’s and Lessons For the Future”, Political Economy Research Insititute Working Paper, No. 56, 2003.
- Ergül, Ö. (2012). Sermaye Kontrolleri: Uygulanışı, Etkinliği ve Türkiye Üzerine Yorumlar. Uzmanlık Yeterlilik Tezi, TC Merkez Bankası: Ankara
- Forbes, K., Fratzscher, M., Kostka, T., and Straub, R. (2011, November). Bubble thy neighbor: direct and spillover effects of capital controls. In 12th Jacques Polak Annual Research Conference.
- Fratzscher, M. (2012). Capital controls and foreign exchange policy. Working Paper 1415, European Central Bank.
- Galindo, A. 2007. “Controles de Capitales en Colombia: Funcionan o No?” In Debate de Coyuntura
- Jinjarak, Y., I. Noy, and H. Zheng (2013). Capital controls in brazilstemming a tide with a signal? Journal of Banking & Finance 37 (8), 2938, 2952.
- Jittrapanun, T., ve Prasartset, S. (2009). Hot money and capital controls in Thailand. Third World network (TWN).
- Johnston, R. Barry. 1994). The Impact of Controls on Capital Movements on the Private Capital Accounts of CountriesBalance of Payments: Empirical Estimates and Policy Implications, (1-46).
- Magud, N. ve Reinhart, C. M. (2006). Capital Controls: An Evaluation. National Bureau of Economic Research Working Paper. 11973: 1-40.
- Pandev, R., Pasricha, G. K., Patnaik, I. ve Shah, A. (2015). Motivation and Capital Controls and Their Effectiveness, Bank of Canada Working Paper/Document de Travail,Sayı 5.
- Patnaik, I., v Shah, A. (2012). Did the Indian capital controls work as a tool of macroeconomic policy?. IMF Economic Review, 60(3), 439-464.
- Rocha, Ricardo, and Ricardo Mesa, 1998, “Flujos Internacionales de Capital en Colombia: UnEnfoque de Portafolio,” Archivos de Macroeconomia, No. 78 (Bogotá, Colombia: Departamento Nacional de Planeación).
Uluslararası Sermaye Kontrolleri, Avrupa ve Asya Ülkelerinin Sermaye Kontrolü Uygulamaları Üzerine Bir Literatür Araştırması
Öz
Uluslararası
piyasalarda 1929`dan 1970`lere kadar etkisini gösteren Keynesçi düşünce
yapısının bir sonucu olan korumacı ve müdahaleci yaklaşım, artık yerini daha
liberal ve dışa açık bir şekilde işleyen piyasalara bırakmıştır. Bu yaklaşım
önceleri finansal sermaye ihtiyacı duyan az gelişmiş veya gelişmekte olan
ekonomiler için bir can suyu niteliği taşırken, daha sonraları sermaye giriş
çıkışlarındaki ani dalgalanmalar ülkelerin makroekonomik değişkenleri üzerinde
olumsuz sonuçlara sebep olmuştur.
Bu
alanda daha önceki yapılan çalışmalara bakıldığında anlık sermaye
hareketliliğinin ülkelerin reel döviz kurlarında, faiz oranları ve sermaye
piyasaları üzerinde yüksek bir volatilite oluşturduğu, sonuçta buna bağlı
olarak piyasaların finansal olarak daha kırılgan ve dışa bağımlı hale gelmesine
neden olduğu görülmüştür. Bu nedenle ülkeler ortaya çıkan bu olumsuz durumu
bertaraf etmek için sermaye kontrolü kuralları altında bir dizi düzenleme ve
denetleme mekanizması geliştirmişlerdir. Bunlar içerisinde en yaygın yöntem
Tobin vergisi uygulaması olup, birçok ülke tarafından farklı zamanlarda
kullanılmıştır.
Bu
çalışmada ise 1992 yılından günümüze kadar uygulanmış sermaye kontrolleri
incelenmiştir. Genel olarak sonuçlara bakıldığında farklı ülkelerde uygulanmış
sermaye kontrolleri kısmen başarı sağlamış olsa da Malezya ve Şili dışında
birçok ülkede başarısızlıkla sonuçlanmıştır. Birçok çalışmanın sonucunda ise;
uygulamaların her ülkenin kendi ekonomik, finansal ve coğrafi dinamikleri
dikkate alınarak yapıldığında başarıya ulaşmaya daha yakın olunacağı
belirtilmiştir.
Anahtar Kelimeler
Uluslararası sermaye akımları Sermaye kontrolleri Sermaye kontrolleri uygulamaları
Kaynakça
- Akça, E. E., Bal, H., ve Demir, Ö. (2016). Sermaye kontrollerinin etkinliği: yeni gelişen piyasa ekonomilerinden bazı deneyimler. Imuco 2016, 684.
- Ariyoshi, M. A., Kirilenko, M. A., Ötker, M. I., Laurens, M. B., Kriljenko, M. J. I. C., ve Habermeier, M. K. F. (2000). Capital controls: country experiences with their use and liberalization (No. 190). International Monetary Fund. http://www.imf.org/external/pubs/ft/op/op190/index.htm
- Balin, B. J. (2008). India’s New Capital Restrictions: What Are They, Why Were They Created, and Have They Been Effective?. Johns Hopkins University Paul H. Nitze School of Advanced International Studies (SAIS) Working Paper.
- Cárdenas, M., ve Barrera, F. (1997). On the effectiveness of capital controls: The experience of Colombia during the 1990s. Journal of Development Economics, 54(1), 27-57.
- Cardoso, E., ve Goldfajn, I. (1998). Capital flows to Brazil: the endogeneity of capital controls. Staff Papers, 45(1), 161-202.
- Chamon, M. ve Garcia, M. (2014). Capital controls in Brazil: Effective? 15th Jacques Polak Annual Research Conference.
- Clements, B. J. (2009). Are capital controls effective in the 21st century? The recent experience of Colombia. International Monetary Fund.
- Coelho, B., ve Gallagher, K. P. (2010). Capital controls and 21st century financial crises: evidence from Colombia and Thailand. PERI Working Papers, 183.
- Concha, A. ve A. Galindo, 2008, “An Assessment of Another Decade of Capital Controls in Colombia: 1998-2008.” Paper presented at the XIII LACEA Meeting (Rio de Janeiro: Brazil).
- Edison, H., ve Reinhart, C. M. (2001). Stopping hot money. Journal of Development Economics, 66(2), 533-553.
- Epstein, Gerald, Ilene Grabel, and Jomo Kwame Sundaram,” Capital Management Techniques in Developing Countries: An Assessment of Experiences from the 1990’s and Lessons For the Future”, Political Economy Research Insititute Working Paper, No. 56, 2003.
- Ergül, Ö. (2012). Sermaye Kontrolleri: Uygulanışı, Etkinliği ve Türkiye Üzerine Yorumlar. Uzmanlık Yeterlilik Tezi, TC Merkez Bankası: Ankara
- Forbes, K., Fratzscher, M., Kostka, T., and Straub, R. (2011, November). Bubble thy neighbor: direct and spillover effects of capital controls. In 12th Jacques Polak Annual Research Conference.
- Fratzscher, M. (2012). Capital controls and foreign exchange policy. Working Paper 1415, European Central Bank.
- Galindo, A. 2007. “Controles de Capitales en Colombia: Funcionan o No?” In Debate de Coyuntura
- Jinjarak, Y., I. Noy, and H. Zheng (2013). Capital controls in brazilstemming a tide with a signal? Journal of Banking & Finance 37 (8), 2938, 2952.
- Jittrapanun, T., ve Prasartset, S. (2009). Hot money and capital controls in Thailand. Third World network (TWN).
- Johnston, R. Barry. 1994). The Impact of Controls on Capital Movements on the Private Capital Accounts of CountriesBalance of Payments: Empirical Estimates and Policy Implications, (1-46).
- Magud, N. ve Reinhart, C. M. (2006). Capital Controls: An Evaluation. National Bureau of Economic Research Working Paper. 11973: 1-40.
- Pandev, R., Pasricha, G. K., Patnaik, I. ve Shah, A. (2015). Motivation and Capital Controls and Their Effectiveness, Bank of Canada Working Paper/Document de Travail,Sayı 5.
- Patnaik, I., v Shah, A. (2012). Did the Indian capital controls work as a tool of macroeconomic policy?. IMF Economic Review, 60(3), 439-464.
- Rocha, Ricardo, and Ricardo Mesa, 1998, “Flujos Internacionales de Capital en Colombia: UnEnfoque de Portafolio,” Archivos de Macroeconomia, No. 78 (Bogotá, Colombia: Departamento Nacional de Planeación).
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Konular | Ekonomi |
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 30 Eylül 2019 |
| Kabul Tarihi | 12 Eylül 2019 |
| Yayımlandığı Sayı | Yıl 2019 Cilt: 3 Sayı: 2 |
