Although globalisation is seen by many as the key economic trend,
restrictions on international capital movements remain the norm in
international finance. In 1996, 144 out of 186 countries maintained
capital controls (IMF). Yet the vast majority of economists object
to most controls on capital movement, arguing that they distort the
allocation of capital and allow opportunities for fraud. What leads
governments to impose restrictions on international capital
movements? In this study of capital controls, Gunther Schulze uses
a public choice model to explain this behaviour. He considers the
many aspects of capital controls, including: quantitative
measurements of capital controls, evasion, misinvoicing, the
interaction between an investigating government and an evader, and
the role capital controls play in helping governments meet their
macroeconomic objectives. In addition to the theoretical and policy
discussions the book also contains a comprehensive survey of the
existing literature.
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