This study ascertains the degree to which economic and sociopolitical variables are associated with the imposition (relaxation) of exchange controls. The results can serve as a steppingstone toward the development of models aimed at estimating the probability that a particular form of exchange control may be imposed by a host government. The paper is divided into four parts. The alternative forms of exchange controls are discussed in Section I. Section II identifies the determinants of exchange controls. The empirical results are reported in Section III. The paper is summarized and concluded in Section IV.