Are price-based capital account regulations effective in developing countries? /

Are price-based capital account regulations effective in developing countries? /

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Bibliographic Details
Author / Creator:	David, Antonio C.
Imprint:	Washington, D.C. : World Bank, Young Professionals Program, 2007.
Description:	27 p. ; 28 cm.
Language:	English
Series:	Policy research working paper ; 4175 Policy research working papers ; 4175.
Subject:	Capital movements -- Chile -- Econometric models. Capital movements -- Colombia -- Econometric models. Capital movements -- Econometric models. Economic policy -- Econometric models. Chile -- Economic policy -- Econometric models. Colombia -- Economic policy -- Econometric models. Chile. Colombia.
Format:	E-Resource Print Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/6286696

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Other authors / contributors:	World Bank. Young Professionals Program.
Notes:	"March 2007"--Cover. Includes bibliographical references (p. 18-19). Also available on the World Wide Web.
Summary:	The author evaluates the effectiveness of policy measures adopted by Chile and Colombia, aiming to mitigate the deleterious effects of pro-cyclical capital flows. In the case of Chile, according to his Generalized Method of Moments (GMM) analysis, capital controls succeeded in reducing net short-term capital flows but did not affect long-term flows. As far as Colombia is concerned, the regulations were capable of affecting total flows and also long-term ones. In addition, the co-integration models indicate that the regulations did not have a direct effect on the real exchange rate in the Chilean case. Nonetheless, the model used for Colombia did detect a direct impact of the capital controls on the real exchange rate. Therefore, the results do not seem to support the idea that those regulations were easily evaded.

Mansueto

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Call Number:	HG3879.P6 no.4175
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