Capital Controls and Trade Policy

Replication code and Supplementary Materials for Lloyd and Marin (2024), "Capital Controls and Trade Policy". See readme for description of code. Paper Abstract: How does optimal capital-flow management change with prevailing trade policies? We study the joint optimal determination of capital controls and trade tariffs in a two-country, two-good model with trade in goods and assets. Because countries are large in both markets, a country-planner can achieve higher domestic welfare by departing from free trade in addition to levying capital controls, despite the cooperative optimal allocation being efficient. However, time variation in the optimal tariff induces households to over- or under-borrow through its effects on the path of the real exchange rate. As a result, optimal capital controls are generally smaller when trade policy is constrained (i.e., by a Free-Trade Agreement), but, absent retaliation, can be larger depending on the paths of underlying fundamentals.

本数据集包含Lloyd与Marin（2024）发表的论文《资本管制与贸易政策（Capital Controls and Trade Policy）》的复现代码与补充材料。代码的具体说明请参阅自述文件（readme）。论文摘要：最优资本流动管理会如何随现行贸易政策发生变化？本文构建了商品与资产均可贸易的两国两商品模型，对资本管制（Capital Controls）与贸易关税的联合最优决定问题展开研究。由于各国在商品与资产市场均具备市场势力，即便合作最优配置已然实现效率最优，一国政策制定者仍可通过施加资本管制并偏离自由贸易框架，提升本国福利水平。然而，最优关税的时变特征会通过影响实际汇率路径，促使家庭出现过度借贷或借贷不足的情况。据此，当贸易政策受到约束（例如受自由贸易协定（Free-Trade Agreement）限制）时，最优资本管制的强度通常会有所降低；但在不存在报复性措施的前提下，其强度也可能根据基本面因素的变化路径而有所提升。

搜集汇总

背景与挑战

背景概述

该数据集为Lloyd和Marin（2024）论文的复制代码和补充材料，用于研究资本控制和贸易政策的联合最优确定。研究基于两国、两商品模型，分析贸易政策如何影响资本控制，并探讨自由贸易协定对最优政策的影响。