TY  - BOOK
AU  - David,Antonio C.
AU  - David,Antonio C.
TI  - Are Price-Based Capital Account Regulations Effective in Developing Countries ?
PY  - 2007///
CY  - Washington, D.C.
PB  - The World Bank
KW  - Asset Price
KW  - Balance Sheets
KW  - Bank Policy
KW  - Banks and Banking Reform
KW  - Boom-Bust Cycle
KW  - Capital Account
KW  - Capital Flows
KW  - Capital Inflows
KW  - Currencies and Exchange Rates
KW  - Debt Markets
KW  - Developing Countries
KW  - Economic Theory and Research
KW  - Emerging Economies
KW  - Emerging Markets
KW  - Exchange
KW  - Finance and Financial Sector Development
KW  - Financial Liberalization
KW  - Interest
KW  - International Capital
KW  - International Capital Markets
KW  - International Economics & Trade
KW  - Liquidity
KW  - Macroeconomic Management
KW  - Macroeconomic Volatility
KW  - Macroeconomics and Economic Growth
KW  - Monetary Policy
KW  - Moral Hazard
KW  - Private Sector Development
KW  - Real Exchange Rate
KW  - Short-Term Capital
N2  - 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
UR  - http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-4175
ER  -