How do capital controls and banking concentration affect economic development? This paper develops a general equilibrium model to study these important issues. To do so, we construct a framework with heterogeneous agents and imperfectly competitive financial intermediaries who help depositors manage liquidity risk. Importantly, higher levels of concentration raise the cost of domestic borrowing which increase the reliance on international capital markets. Finally, once the rate of money growth is sufficiently high, capital controls bind and the effects of monetary policy on capital formation are more pronounced.

中文翻译：

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资本管制、银行业竞争和货币政策

资本管制和银行集中度如何影响经济发展？本文开发了一个一般均衡模型来研究这些重要问题。为此，我们构建了一个由异构代理和不完全竞争的金融中介机构组成的框架，帮助储户管理流动性风险。重要的是，较高的集中度会提高国内借贷成本，从而增加对国际资本市场的依赖。最后，一旦货币增长率足够高，资本管制就会受到约束，货币政策对资本形成的影响就会更加明显。