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Monetary policy --- Money --- Europe --- Economic integration.

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Europe --- Europe --- Economic integration --- Congresses --- Intégration économique --- Congrès

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Cartagena Agreement --- Andes Region --- Région des Andes --- Economic integration --- Intégration économique

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Many arguments that have been advanced in favor of maintaining capital control within the EEC have not paid sufficient attention to the welfare consequences of this type of market intervention. Our paper provides a simple, optimizing framework in which the welfare consequences of capital controls can be assessed. Two main issues are considered. First, how do capital controls affect the adjustment of macroeconomic variables to real disturbances? Second, what is the nature of second best arguments for maintaining capital controls given that certain distortions will remain after the European single market is in place in 1992?.

Terms of trade --- International economic integration. --- Capital movements --- Econometric models. --- Mathematical models.

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European federation --- Europe 1992 --- Europe --- Economic integration --- Europe - Economic integration --- Prevision economique --- Allemagne --- Europe de l'ouest --- France --- Histoire --- Reunification --- Integration economique --- Ouvrages de controverse --- Conditions economiques --- Relations exterieures --- Etats-unis --- Urss --- 1971 --- -European federation