03586nam 2200625Ia 450 991081753420332120200520144314.01-4623-9513-91-4527-0164-41-282-84252-81-4518-7177-59786612842528(CKB)3170000000055202(EBL)1608175(SSID)ssj0000940053(PQKBManifestationID)11592414(PQKBTitleCode)TC0000940053(PQKBWorkID)10945934(PQKB)10994870(OCoLC)680613564(IMF)WPIEE2009030(MiAaPQ)EBC1608175(EXLCZ)99317000000005520220041202d2009 uf 0engurcn|||||||||txtccrAre capital controls effective in the 21st Century? the recent experience of Colombia /prepared by Benedict Clements and Herman Kamil1st ed.[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 assess the effects of capital controls on financial stability.IMF working paper ;WP/09/30.Capital movementsForeign exchange ratesEconometric modelsCapital movements.Foreign exchange ratesEconometric models.332.0424Clements Benedict J122914Kamil Herman1660804MiAaPQMiAaPQMiAaPQBOOK9910817534203321Are capital controls effective in the 21st Century4193519UNINA