LEADER 05273oam 22011414 450 001 9910788347103321 005 20230721045641.0 010 $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(IMF)WPIEE2009030 035 $a(EXLCZ)993170000000055202 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aAre Capital Controls Effective in the 21st Century? the Recent Experience of Colombia /$fBenedict Clements, Herman Kamil 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (27 p.) 225 1 $aIMF Working Papers 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 3 $aThis paper assesses the effects of capital controls imposed in Colombia in 2007 on capital flows and exchange rate dynamics. The results suggest that the controls were successful in reducing external borrowing, but had no statistically significant impact on the volume of non- FDI flows as a whole. We find no evidence that restrictions to capital mobility moderated the appreciation of Colombia's currency, or increased the degree of independence of monetary policy. We also find that controls have significantly increased the volatility of the exchange rate. Additional research is needed to assess the effects of capital controls on financial stability. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/030 606 $aCapital movements 606 $aForeign exchange rates$xEconometric models 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aPublic Finance$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aContingent Pricing$2imf 606 $aFutures Pricing$2imf 606 $aoption pricing$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aSocial Security and Public Pensions$2imf 606 $aInternational economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aPensions$2imf 606 $aCapital controls$2imf 606 $aExchange rates$2imf 606 $aCapital flows$2imf 606 $aCapital inflows$2imf 606 $aPension spending$2imf 606 $aBalance of payments$2imf 606 $aExpenditure$2imf 606 $aCapital movements$2imf 607 $aColombia$2imf 615 0$aCapital movements. 615 0$aForeign exchange rates$xEconometric models. 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aPublic Finance 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aContingent Pricing 615 7$aFutures Pricing 615 7$aoption pricing 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aSocial Security and Public Pensions 615 7$aInternational economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aPensions 615 7$aCapital controls 615 7$aExchange rates 615 7$aCapital flows 615 7$aCapital inflows 615 7$aPension spending 615 7$aBalance of payments 615 7$aExpenditure 615 7$aCapital movements 700 $aClements$b Benedict$0122914 701 $aKamil$b Herman$01493518 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788347103321 996 $aAre Capital Controls Effective in the 21st Century? the Recent Experience of Colombia$93716522 997 $aUNINA