LEADER 03507nam 2200601Ia 450 001 9910464254303321 005 20180904021501.0 010 $a1-4623-9513-9 010 $a1-4527-0164-4 010 $a1-282-84252-8 010 $a1-4518-7177-5 010 $a9786612842528 035 $a(CKB)3170000000055202 035 $a(EBL)1608175 035 $a(SSID)ssj0000940053 035 $a(PQKBManifestationID)11592414 035 $a(PQKBTitleCode)TC0000940053 035 $a(PQKBWorkID)10945934 035 $a(PQKB)10994870 035 $a(OCoLC)680613564 035 $a(MiAaPQ)EBC1608175 035 $a(EXLCZ)993170000000055202 100 $a20041202d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aAre capital controls effective in the 21st Century?$b[electronic resource] $ethe recent experience of Colombia /$fprepared by Benedict Clements and Herman Kamil 210 $a[Washington D.C.] $cInternational Monetary Fund$d2009 215 $a1 online resource (27 p.) 225 1 $aIMF working paper ;$vWP/09/30 300 $aDescription based upon print version of record. 311 $a1-4519-1613-2 320 $aIncludes bibliographical references. 327 $aContents; 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 327 $aB. 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 330 $aThis paper assesses the effects of capital controls imposed in Colombia in 2007 on capital flows and exchange rate dynamics. The results suggest that the controls were successful in reducing external borrowing, but had no statistically significant impact on the volume of non- FDI flows as a whole. We find no evidence that restrictions to capital mobility moderated the appreciation of Colombia's currency, or increased the degree of independence of monetary policy. We also find that controls have significantly increased the volatility of the exchange rate. Additional research is needed to assess 410 0$aIMF working paper ;$vWP/09/30. 606 $aCapital movements 606 $aForeign exchange rates$xEconometric models 608 $aElectronic books. 615 0$aCapital movements. 615 0$aForeign exchange rates$xEconometric models. 700 $aClements$b Benedict J$0122914 701 $aKamil$b Herman$0873364 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910464254303321 996 $aAre capital controls effective in the 21st Century$91949641 997 $aUNINA