Suchergebnisse

The literature on interest rate differentials caused by capital controls is mostly case based yet. The present paper tries to find general evidence how large the interest rate differentials - and thus the distortions of capital markets - actually are. Advocates of capital controls generally argue, that capital controls (should) affect capital flow composure rather than the total, analogue to Tobin's idea concerning currency markets only. Based on a new measure for capital controls, which is including information on the direction of the flows, which are subject to the control, it is shown here with a sample of 86 countries from 1997 to 2003, that the interest rate effects are to severe to sign this assumption. The results indicate, that capital controls, as they are commonly employed, have significant impact on interest rates, hence risking accordingly high growth impeding effects.

To date, little of the transfer literatures have tried to discover if apparent similarities between systems emerge as a result of situation (simple) learning or topic (complex) learning. The issue that arises out of this is that while transfer must involve some level of learning, most studies tend to imply a much greater degree of learning and knowledge acquisition than they demonstrate. As such, the purpose of this article is to conceptualise how the policy transfer literatures can be linked to learning and knowledge generation by posing questions related to how, if and to what degree agents of transfer 'learn by observing' the action of other political systems.