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Are Capital Controls Effective in the 21st Century? the Recent Experience of Colombia / / Benedict Clements, Herman Kamil



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Autore: Clements Benedict Visualizza persona
Titolo: Are Capital Controls Effective in the 21st Century? the Recent Experience of Colombia / / Benedict Clements, Herman Kamil Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
Descrizione fisica: 1 online resource (27 p.)
Soggetto topico: Capital movements
Foreign exchange rates - Econometric models
Exports and Imports
Foreign Exchange
Public Finance
Current Account Adjustment
Short-term Capital Movements
Contingent Pricing
Futures Pricing
option pricing
International Investment
Long-term Capital Movements
Social Security and Public Pensions
International economics
Currency
Foreign exchange
Pensions
Capital controls
Exchange rates
Capital flows
Capital inflows
Pension spending
Balance of payments
Expenditure
Soggetto geografico: Colombia
Altri autori: KamilHerman  
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: 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 Flows
B. 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
Sommario/riassunto: This 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.
Titolo autorizzato: Are Capital Controls Effective in the 21st Century? the Recent Experience of Colombia  Visualizza cluster
ISBN: 1-4623-9513-9
1-4527-0164-4
1-282-84252-8
1-4518-7177-5
9786612842528
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788347103321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2009/030