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Are Price-Based Capital Account Regulations Effective in Developing Countries ? / David, Antonio C.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- David, Antonio C.
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Asset Price.
- Balance Sheets.
- Bank Policy.
- Banks and Banking Reform.
- Boom-Bust Cycle.
- Capital Account.
- Capital Flows.
- Capital Inflows.
- Currencies and Exchange Rates.
- Debt Markets.
- Developing Countries.
- Economic Theory and Research.
- Emerging Economies.
- Emerging Markets.
- Exchange.
- Finance and Financial Sector Development.
- Financial Liberalization.
- Interest.
- International Capital.
- International Capital Markets.
- International Economics & Trade.
- Liquidity.
- Macroeconomic Management.
- Macroeconomic Volatility.
- Macroeconomics and Economic Growth.
- Monetary Policy.
- Moral Hazard.
- Private Sector Development.
- Real Exchange Rate.
- Short-Term Capital.
- Local Subjects:
- Asset Price.
- Balance Sheets.
- Bank Policy.
- Banks and Banking Reform.
- Boom-Bust Cycle.
- Capital Account.
- Capital Flows.
- Capital Inflows.
- Currencies and Exchange Rates.
- Debt Markets.
- Developing Countries.
- Economic Theory and Research.
- Emerging Economies.
- Emerging Markets.
- Exchange.
- Finance and Financial Sector Development.
- Financial Liberalization.
- Interest.
- International Capital.
- International Capital Markets.
- International Economics & Trade.
- Liquidity.
- Macroeconomic Management.
- Macroeconomic Volatility.
- Macroeconomics and Economic Growth.
- Monetary Policy.
- Moral Hazard.
- Private Sector Development.
- Real Exchange Rate.
- Short-Term Capital.
- Physical Description:
- 1 online resource (27 pages)
- Place of Publication:
- Washington, D.C., The World Bank, 2007
- System Details:
- data file
- 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.
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