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Record Nr. |
UNINA9910817534203321 |
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Autore |
Clements Benedict |
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Titolo |
Are Capital Controls Effective in the 21st Century? the Recent Experience of Colombia / / Benedict Clements, Herman Kamil |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-9513-9 |
1-4527-0164-4 |
1-282-84252-8 |
1-4518-7177-5 |
9786612842528 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (27 p.) |
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Collana |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Capital movements |
Foreign exchange rates - Econometric models |
Balance of payments |
Capital controls |
Capital flows |
Capital inflows |
Contingent Pricing |
Currency |
Current Account Adjustment |
Exchange rates |
Expenditure |
Exports and Imports |
Foreign Exchange |
Foreign exchange |
Futures Pricing |
International economics |
International Investment |
Long-term Capital Movements |
Option pricing |
Pension spending |
Pensions |
Public Finance |
Short-term Capital Movements |
Social Security and Public Pensions |
Colombia |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. Database and Stylized Facts on Capital Flows and Exchange Rates; A. Database; B. Capital Flows and Exchange Rates in the Pre-Controls Era; C. Capital Flows and Exchange Rates in the Controls Era; Tables; 1. Private Capital Flows Before and After Capital Controls; 1. Private Capital Flows Before and After Capital Controls; III. The Effectiveness of Capital Controls in Emerging Markets: Insights from Previous Research; IV. Empirical Methodology; A. The Effectiveness of Controls: Impact on Capital Flows |
B. The Effectiveness of Controls: Evidence from Daily Exchange Rate Data V. Empirical Results; A. Controls and Capital Flows; 2. Impact of Capital Controls on Non-FDI Private Capital Flows; 3. Impact of Capital Controls on Foreign Borrowing and Drawdown of Residents' Bank Accounts Abroad; 4. Impact of Capital Controls on Portfolio Inflows; B. Controls and Exchange Rates; 5. Impact of Capital Controls on the Exchange Rate; Figures; VI. Conclusions and Suggestions for Future Research; References |
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Sommario/riassunto |
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This paper assesses the effects of capital controls imposed in Colombia in 2007 on capital flows and exchange rate dynamics. The results suggest that the controls were successful in reducing external borrowing, but had no statistically significant impact on the volume of non- FDI flows as a whole. We find no evidence that restrictions to capital mobility moderated the appreciation of Colombia's currency, or increased the degree of independence of monetary policy. We also find that controls have significantly increased the volatility of the exchange rate. Additional research is needed to assess the effects of capital controls on financial stability. |
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