Are capital controls effective in the 21st Century? : the recent experience of Colombia / prepared by Benedict Clements and Herman Kamil.

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...

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Bibliographic Details
Main Authors: Clements, Benedict J. (Author), Kamil, Herman (Author)
Format: eBook
Language:English
Published: [Washington D.C.] : International Monetary Fund, 2009.
Series:IMF working paper ; WP/09/30.
Subjects:
Online Access:Click for online access

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100 1 |a Clements, Benedict J.,  |e author. 
245 1 0 |a Are capital controls effective in the 21st Century? :  |b the recent experience of Colombia /  |c prepared by Benedict Clements and Herman Kamil. 
260 |a [Washington D.C.] :  |b International Monetary Fund,  |c 2009. 
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490 1 |a IMF working paper ;  |v WP/09/30 
504 |a Includes bibliographical references. 
588 0 |a Print version record. 
520 |a 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. 
505 0 |a 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 
505 8 |a B. The Effectiveness of Controls: Evidence from Daily Exchange Rate DataV. 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 
650 0 |a Capital movements. 
650 0 |a Foreign exchange rates  |x Econometric models. 
650 7 |a Capital movements  |2 fast 
650 7 |a Foreign exchange rates  |x Econometric models  |2 fast 
700 1 |a Kamil, Herman,  |e author. 
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830 0 |a IMF working paper ;  |v WP/09/30. 
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