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Prudential capital controls
Prudential capital controls are typical ways of prudential regulation that takes the form of capital controls and regulates a country’s capital account inflows. Prudential capital controls aim to mitigate systemic risk, reduce business cycle volatility, increase macroeconomic stability, and enhance social welfare.〔Jeanne, O., A. Subramanian, and J. Williamson, 2012, Who Needs to Open the Capital Account? Washington, DC: Peterson Institute for International Economics.〕
==Distinctions from the Capital Controls in General==
The term “prudential” distinguishes such typical capital control measures from other general capital controls by emphasizing both the motive of “prudence” and the ex-ante timing. Firstly, the prudence motivation requirement says that such regulation should curb and manage the excessive risk accumulation process with cautious forethoughts for the purpose of preventing an emerging financial crisis and economic collapse. Secondly, the ex-ante timing means that such regulation should be taken effectively before the realization of any unfettered crisis as opposed to taking policy interventions after a severe crisis already hits the economy.〔Korinek, Anton 2011, ("The New Economics of Prudential Capital Controls: A Research Agenda" ), IMF Economic Review 59, 523-561.〕 In addition, prudential capital controls only apply to capital inflows because the excessive risk accumulation process that intrinsically creates the domestic financial vulnerability is usually associated with capital inflow rather than outflow.〔〔 Neely (1999) summarized some other nonprudential ways of exercising capital controls.〔Neely, C.J., 1999, “An Introduction to Capital Controls,” Federal Reserve Bank of St. Louis Review, November/December, pp. 13–30.〕 For example, restrictions on the volume and price for domestic currency and financial asset transactions, requirements for administrative approval of capital outflow, or limits on the amount of money that a citizen is allowed to take out of the country.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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