Abstract
The removal of controls on outward capital flows marked a far greater change to U.K. economic policy than is popularly realised. Although it is the complex system of controls which has been in force since World War II that is the object of the current investigation, various forms of exchange controls can be traced back to the 13th century. A UK economy without foreign exchange restrictions is therefore the exception rather than the rule which makes an accurate assessment of the likely response to their removal very difficult.
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Notes
‘Systematic International Diversification in the light of “MPT”’. Elroy Dimson, Stewart Hodges and Paul Marsh, London Business School Paper, March 1980.
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© 1983 Desmond Corner and David G. Mayes
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Hughes, M. (1983). The Consequences of the Removal of Exchange Controls on Portfolios and the Flow of Funds in the UK. In: Corner, D., Mayes, D.G. (eds) Modern Portfolio Theory and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-05843-3_9
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DOI: https://doi.org/10.1007/978-1-349-05843-3_9
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-05845-7
Online ISBN: 978-1-349-05843-3
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