03507nam 2200601Ia 450 991046425430332120180904021501.01-4623-9513-91-4527-0164-41-282-84252-81-4518-7177-59786612842528(CKB)3170000000055202(EBL)1608175(SSID)ssj0000940053(PQKBManifestationID)11592414(PQKBTitleCode)TC0000940053(PQKBWorkID)10945934(PQKB)10994870(OCoLC)680613564(MiAaPQ)EBC1608175(EXLCZ)99317000000005520220041202d2009 uf 0engurcn|||||||||txtccrAre capital controls effective in the 21st Century?[electronic resource] the recent experience of Colombia /prepared by Benedict Clements and Herman Kamil[Washington D.C.] International Monetary Fund20091 online resource (27 p.)IMF working paper ;WP/09/30Description based upon print version of record.1-4519-1613-2 Includes bibliographical references.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 FlowsB. 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; ReferencesThis 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 assessIMF working paper ;WP/09/30.Capital movementsForeign exchange ratesEconometric modelsElectronic books.Capital movements.Foreign exchange ratesEconometric models.Clements Benedict J122914Kamil Herman873364MiAaPQMiAaPQMiAaPQBOOK9910464254303321Are capital controls effective in the 21st Century1949641UNINA