Are price-based capital account regulations effective in developing countries? / Antonio C. David David, Antonio C

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Author
David, Antonio C
Subjects
Capital movements - Chile - Econometric models.; Chile - Economic policy - Econometric models.; Capital movements - Colombia - Econometric models.
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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http://trove.nla.gov.au/work/259071
Work ID
259071

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