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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 by Benedict J. Clements
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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.
International Monetary Fund; February 2009
27 pages; ISBN 9781452701646
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Title: Are Capital Controls Effective in the 21st Century? The Recent Experience of Colombia
Author: Benedict J. Clements; Herman Kamil
 
ISBNs
1451916132
9781451871777
9781451916133
9781452701646