05517oam 22012494 450 991097383310332120250426110035.0978661284252897814623951321462395139978145270164614527016449781282842526128284252897814518717771451871775(CKB)3170000000055202(EBL)1608175(SSID)ssj0000940053(PQKBManifestationID)11592414(PQKBTitleCode)TC0000940053(PQKBWorkID)10945934(PQKB)10994870(OCoLC)680613564(IMF)WPIEE2009030(MiAaPQ)EBC1608175(IMF)WPIEA2009030WPIEA2009030(EXLCZ)99317000000005520220020129d2009 uf 0engurcn|||||||||txtccrAre Capital Controls Effective in the 21st Century? the Recent Experience of Colombia /Benedict Clements, Herman Kamil1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (27 p.)IMF Working PapersDescription based upon print version of record.9781451916133 1451916132 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 Papers; Working Paper ;No. 2009/030Capital movementsForeign exchange ratesEconometric modelsBalance of paymentsimfCapital controlsimfCapital flowsimfCapital inflowsimfCapital movementsimfContingent PricingimfCurrencyimfCurrent Account AdjustmentimfExchange ratesimfExpenditureimfExports and ImportsimfForeign ExchangeimfForeign exchangeimfFutures PricingimfInternational economicsimfInternational InvestmentimfLong-term Capital MovementsimfOption pricingimfPension spendingimfPensionsimfPublic FinanceimfShort-term Capital MovementsimfSocial Security and Public PensionsimfColombiaimfCapital movements.Foreign exchange ratesEconometric models.Balance of paymentsCapital controlsCapital flowsCapital inflowsCapital movementsContingent PricingCurrencyCurrent Account AdjustmentExchange ratesExpenditureExports and ImportsForeign ExchangeForeign exchangeFutures PricingInternational economicsInternational InvestmentLong-term Capital MovementsOption pricingPension spendingPensionsPublic FinanceShort-term Capital MovementsSocial Security and Public Pensions332.0424Clements Benedict122914Kamil Herman1815844DcWaIMFBOOK9910973833103321Are Capital Controls Effective in the 21st Century? the Recent Experience of Colombia4371377UNINA