Are capital controls effective in the 21st Century? : the recent experience of Colombia /

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. W...

Descripción completa

Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Clements, Benedict J. (Autor), Kamil, Herman (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington D.C.] : International Monetary Fund, 2009.
Colección:IMF working paper ; WP/09/30.
Temas:
Capital movements.
Foreign exchange rates > Econometric models.
Mouvements de capitaux.
Taux de change > Modèles économétriques.
Capital movements
Foreign exchange rates > Econometric models
Acceso en línea:Texto completo
Descripción
Sumario: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.
Descripción Física:1 online resource (25 pages)
Bibliografía:Includes bibliographical references.

Ejemplares similares