The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Exchange Control

  • Pascal Petit
Reference work entry


In a rather narrow sense, we refer to exchange control when monetary institutions (governments, central banks or specialized institutions) impose strictly defined limitations on international transactions or on the exchange of national currency into foreign currency. So exchange control occupies the middle ground between unrestricted convertibility into foreign exchange and the total ban on convertibility which is practised in a number of developing countries and in the socialist countries.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Pascal Petit
    • 1
  1. 1.