BOOKS - Are Capital Controls Effective in the 21st Century? The Recent Experience of ...
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613746
613746
Are Capital Controls Effective in the 21st Century? The Recent Experience of Colombia
Author: Benedict J. Clements
Year: 2009
Format: PDF
File size: PDF 1.3 MB
Language: English
Year: 2009
Format: PDF
File size: PDF 1.3 MB
Language: English
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 the effects of capital controls on financial stability
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