Capital Controls and Their Impact on Stabilization Policy   and Welfare
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
This project deals with four aspects of the relationship among                  government controls over international capital movements, the                   effectiveness of stabilization policy, and world welfare.  The first            research area is concerned with current and proposed measures to                liberalize capital movements within the European Monetary System of             fixed exchange rates, and asks whether such liberalization is                   consistent with the periodic realignments seen so far.  The second area         investigates the possibility that public-finance policy can lead to             self-justifying capital flight, in which case a nationalistic argument          favoring capital controls might be made.  The third area of work                examines the effect of capital controls on a government's ability to            obtain seigniorage revenues from its economy through use of an                  inflation tax on money holders.  In particular, the impact of controls          on the economy may be of central importance and have a major bearing on         better understanding the causes of inflation.  The final topic looks at         empirical measures of the effects of international financial                    integration and of the gains from international risk sharing.                                                                                                   The underlying theme of this project is the control of international            capital movements.  Increasingly, the integration of national financial         markets has raised concerns about economic stability, policy                    effectiveness, and the supervision of financial institutions with               offshore operations.  Some commentators have recommended a substantial          retreat from the international financial liberalization that has been           occurring since the early 1970's.  This project is important because it         involves the development of theoretical models and empirical evidence           that would help in assessing the costs and benefits of adopting various         capital controls.
{'FirstName': 'Maurice', 'LastName': 'OBSTFELD', 'PI_MID_INIT': None, 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Maurice OBSTFELD', 'EmailAddress': '868-3900', 'NSF_ID': '000124740', 'StartDate': '08/01/1988', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'National Bureau of Economic Research Inc', 'CityName': 'CAMBRIDGE', 'ZipCode': '021385359', 'PhoneNumber': '6178683900', 'StreetAddress': '1050 MASSACHUSETTS AVE', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'Massachusetts', 'StateCode': 'MA', 'CONGRESSDISTRICT': '05', 'CONGRESS_DISTRICT_ORG': 'MA05', 'ORG_UEI_NUM': 'GT28BRBA2Q49', 'ORG_LGL_BUS_NAME': 'NATIONAL BUREAU OF ECONOMIC RESEARCH INC', 'ORG_PRNT_UEI_NUM': None}
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{'Code': '1320', 'Text': 'Economics'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1988&All=true', 'xml': '8807905.xml'}