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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 »

Volume/Issue: 2009/30

Series: IMF Working Papers

Author(s): Benedict Clements , and Herman Kamil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2009

DOI: http://dx.doi.org/10.5089/9781451871777.001

ISBN: 9781451871777

Keywords: Exchange Rate Models, exchange rate, exchange rates,

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...

Asset Market and Balance of Payments Characteristics
			: An Eclectic Exchange Rate Model for the Dollar, Mark, and Yen

Asset Market and Balance of Payments Characteristics : An Eclectic Exchange Rate Model for the Dollar, Mark, and Yen »

Volume/Issue: 1995/55

Series: IMF Working Papers

Author(s): Ronald MacDonald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1995

DOI: http://dx.doi.org/10.5089/9781451847581.001

ISBN: 9781451847581

Keywords: exchange rate, exchange rates, equation, cointegration, real exchange rate

In this paper we use an exchange rate model that combines asset market characteristics with balance of payments interactions to examine the nominal effective exchange rates of the German mark, Japanese yen, and U.S...

Balance of Payments Anti-Crises

Balance of Payments Anti-Crises »

Volume/Issue: 2009/134

Series: IMF Working Papers

Author(s): Isabel Yan , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2009

DOI: http://dx.doi.org/10.5089/9781451872811.001

ISBN: 9781451872811

Keywords: Balance of payments anti-crises, inflation dynamics, foreign exchange, exchange rate, inflation targeting,

Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciatio...

Balance of Payments Crises Under Inflation Targeting

Balance of Payments Crises Under Inflation Targeting »

Volume/Issue: 2007/84

Series: IMF Working Papers

Author(s): Shujing Li , Isabel Yan , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

DOI: http://dx.doi.org/10.5089/9781451866483.001

ISBN: 9781451866483

Keywords: Balance of payments crisis, exchange rate targeting, flow speculative attack, inflation, exchange rate,

This paper analyzes a small open economy model under inflation targeting. It shows why such a monetary regime is vulnerable to speculative attacks that take place over a short period rather than instantaneously. Th...

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? »

Volume/Issue: 2015/159

Series: IMF Working Papers

Author(s): Olivier Blanchard , Gustavo Adler , and Irineu de Carvalho Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 July 2015

DOI: http://dx.doi.org/10.5089/9781513585840.001

ISBN: 9781513585840

Keywords: exchange rate, gross capital flows, exchange, market, General,

Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the effects of these...

Capital Controls or Macroprudential Regulation?

Capital Controls or Macroprudential Regulation? »

Volume/Issue: 2015/218

Series: IMF Working Papers

Author(s): Anton Korinek , and Damiano Sandri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2015

DOI: http://dx.doi.org/10.5089/9781513506463.001

ISBN: 9781513506463

Keywords: pecuniary externalities, macroprudential regulation, inequality, exchange rate, exchange, lenders, borrowers, markets, International Lending and Debt Problems, Open Economy Macroeconomics

International capital flows can create significant financial instability in emerging economies because of pecuniary externalities associated with exchange rate movements. Does this make it optimal to impose capital...

Capital Flows and the Twin Crises
			: The Role of Liquidity

Capital Flows and the Twin Crises : The Role of Liquidity »

Volume/Issue: 1997/87

Series: IMF Working Papers

Author(s): Ilan Goldfajn , and Rodrigo Valdes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1997

DOI: http://dx.doi.org/10.5089/9781451850987.001

ISBN: 9781451850987

Keywords: exchange rate, capital inflows, capital outflows, capital flows, capital outflow

This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries’ role of transforming maturiti...

Capital Flows and Their Macroeconomic Effects in India

Capital Flows and Their Macroeconomic Effects in India »

Volume/Issue: 2001/192

Series: IMF Working Papers

Author(s): Renu Kohli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2001

DOI: http://dx.doi.org/10.5089/9781451859768.001

ISBN: 9781451859768

Keywords: real exchange rate, sterilization, capital controls, capital inflows, exchange rate, foreign capital, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Macroeconomic Policy

This paper documents trends in movement and composition of capital flows into India in a comparative perspective, examines the impact of these flows upon key macroeconomic variables in the economy, and dwells on im...

Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate

Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate »

Volume/Issue: 2011/9

Series: IMF Working Papers

Author(s): Jean-Louis Combes , Patrick Plane , and Tidiane Kinda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2011

DOI: http://dx.doi.org/10.5089/9781455211876.001

ISBN: 9781455211876

Keywords: real exchange rate, low-income countries, pooled mean group estimator, exchange rate, capital flows,

This paper analyzes the impact of capital inflows and exchange rate flexibility on the real exchange rate in developing countries based on panel cointegration techniques. The results show that public and private fl...

Capital Flows in a Transitional Economy and the Sterilization Dilemma
			: The Hungarian Case

Capital Flows in a Transitional Economy and the Sterilization Dilemma : The Hungarian Case »

Volume/Issue: 1996/86

Series: IMF Working Papers

Author(s): Pierre Siklos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1996

DOI: http://dx.doi.org/10.5089/9781451850833.001

ISBN: 9781451850833

Keywords: exchange rate, real exchange rate, money demand, national bank

This paper compares Hungary’s experience with sterilization with that of other capital inflow episodes. The study focuses on the short-run impact of sterilization on monetary policy. The empirical data indic...