关键词: 资本管制 , 决定因素 , 最优控制

Abstract: Capital controls and capital account liberalization had generated great concern of governments and the economics since the global financial and economic crisis This paper had developed a theoretical analysis of capital controls and capital account liberalization from the perspective of welfare by adopting optimal control technique It found that: (1) it was optimal to carry out capital account liberalization whenever the total wealth was above the total expenditure in finite time, and to carry out capital control forever when it is not meet (2) If the public expenditure was aimed to maximize social welfare, it was easier for moderately rich country to achieve the capital account liberalization (3) Capital controls should be applied in a countercyclical way to smooth booms and busts Finally, this paper made an empirical analysis of the determinants of capital controls by using data from 66 developing countries during 1980—2011 to verify the conclusion above

Key words: capital controls , determinants , optimal control