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

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

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Bibliographic Details
Author / Creator:Clements, Benedict J., author.
Imprint:[Washington D.C.] : International Monetary Fund, 2009.
Description:1 online resource (25 pages)
Language:English
Series:IMF working paper ; WP/09/30
IMF working paper ; WP/09/30.
Subject:
Capital movements.
Foreign exchange rates -- Econometric models.
Capital movements.
Foreign exchange rates -- Econometric models.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12498374
Hidden Bibliographic Details
Other authors / contributors:Kamil, Herman, author.
ISBN:9781451871777
1451871775
Digital file characteristics:data file
Notes:Includes bibliographical references.
Print version record.
Summary: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.

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