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Author : Claudia M. Buch
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (318 download)
Download or read book Chilean-type Capital Controls written by Claudia M. Buch and published by . This book was released on 1999 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Yan Carriere-Swallow
Publisher : International Monetary Fund
ISBN 13 : 1484336593
Total Pages : 32 pages
Book Rating : 4.4/5 (843 download)
Download or read book Capital Account Policies in Chile Macro-financial considerations along the path to liberalization written by Mr.Yan Carriere-Swallow and published by International Monetary Fund. This book was released on 2013-05-14 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper recounts Chile’s experience with capital account policies since the 1990s. We present how two external shocks were confronted under very different macroeconomic and capital account frameworks. We show that during the 1997-98 Asian-LTCM-Russia crisis, a closed capital account and relatively rigid exchange rate severely constrained the monetary policy response to the shock, aggravating the fall in domestic demand. During the 2008-09 crisis, a full-fledged inflation targeting framework allowed the authorities to implement a significant countercyclical response. We argue that domestic stability considerations lay behind the policy regime switch toward capital account liberalization from 1999 onwards.
Author : Mr.Francisco Nadal De Simone
Publisher : International Monetary Fund
ISBN 13 : 1451847238
Total Pages : 56 pages
Book Rating : 4.4/5 (518 download)
Download or read book A Review of Capital Account Restrictions in Chile in the 1990s written by Mr.Francisco Nadal De Simone and published by International Monetary Fund. This book was released on 1999-04-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the Chilean experience with capital controls and reviews studies on controls on capital inflows. Controls on Chile’s inflows had only a temporary impact in reducing specific inflows because they were affected by avoidance. There is some evidence that controls increased interest rates and altered the composition of capital inflows. The studies, however, contain important methodological problems in measuring flows and significant econometric weaknesses, which cast doubt on the robustness of the estimates. No study has assessed the political economy of the controls. It seems premature to view the Chilean experience as supportive of controls on capital inflows.
Author : Mr.Jaime Cardoso
Publisher : International Monetary Fund
ISBN 13 : 145185823X
Total Pages : 53 pages
Book Rating : 4.4/5 (518 download)
Download or read book Managing Capital Flows written by Mr.Jaime Cardoso and published by International Monetary Fund. This book was released on 1998-12-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a result of the Asian crisis, methods of coping with volatile international capital markets have received considerable attention from observers and policymakers. It has been argued that the imposition by Chile of a nonremunerated reserve requirement on external borrowing played a useful role in the smooth liberalization of its capital account by allowing Chile to deal effectively with short-term capital inflows and thus to reduce its vulnerability to external shocks, and that such measures should be adopted by other countries. In light of this, this paper reviews Chile’s experience in managing capital flows and draws lessons for policymakers.
Author : Salvador Valdes-Prieto
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Effectiveness of Capital Controls written by Salvador Valdes-Prieto and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selective capital controls tax only some components of capital flows. One of the rationales for such controls is that they increase the scope for an independent monetary policy, without taxing foreign direct investment and other long-term flows. The first part of this paper offers a new framework to evaluate how selective capital controls might increase monetary autonomy, which considers two types of capital flows that coexist: the taxed and exempt flows. It is found that under free floating selective controls increase monetary autonomy, in the sense of allowing the authorities to set the path of the nominal exchange rate. But under predetermined exchange rate rules, the contribution of selective controls to monetary autonomy depends on the ability to reduce total inflows, which is an empirical matter. The second part describes the Chilean unremunerated reserve requirement (URR), a selective control introduced in June 1991 on a permanent basis, in a setting of predetermined exchange rates. This control collected substantial revenue, proving that it was relevant. An econometric model with data for 1987-1996 finds that substitution from the exempt short-term flows compensated reductions in taxed short-term flows, so the Chilean URR did not discourage total net short-term credit inflows to the private sector. This implies that the Chilean URR failed to contribute to monetary autonomy.
Author : Kristin Forbes
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (318 download)
Download or read book One Cost of the Chilean Capital Controls written by Kristin Forbes and published by . This book was released on 2003 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is growing support for taxes on short-term capital inflows in emerging markets, such as the encaje adopted by Chile from 1991-98. Previous empirical assessments of the encaje conclude that it may have generated some small economic benefits, such as shifting the composition of capital inflows to a longer maturity, but no significant economic costs. Managers of small and medium-sized companies in Chile, however, claim that the encaje made it substantially more difficult to obtain financing for productive investment. This paper assesses whether the Chilean capital controls increased financial constraints for different-sized, publicly traded firms. It uses two different testing methodologies: a Tobin's-q and Euler-equation framework. Results indicate that during the encaje, smaller traded firms in Chile experienced significant financial constraints and these constraints decreased as firm size increased. Both before and after the encaje, however, no group of traded firms experienced significant financial constraints, and there is no relationship between firm size and financial constraints. Although Chilean-style capital controls may also have significant benefits, this cost of the encaje could be particularly important in emerging markets where smaller firms are valuable sources of job creation and economic growth. Keywords: Capital Controls, Encaje, Chile, Firm-financing Constraints. JEL Classifications: F3, F21, G1, G32, O16, O54.
Author : Kerbraz
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book One Cost of the Chilean Capital Controls written by Kerbraz and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kevin Cowan
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.:/5 (318 download)
Download or read book International Borrowing, Capital Controls and the Exchange Rate written by Kevin Cowan and published by . This book was released on 2005 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper analyzes the Chilean experience with capital flows. We discuss the role played by capital controls, financial regulations and the exchange rate regime. The focus is on the period after 1990, the period when Chile returned to international capital markets. We also discuss the early 80s, where a currency collapse triggered a financial crisis in Chile, despite stricter capital controls on inflows than the 90s and tighter currency matching requirements on the banking sector. We conclude that financial regulation and the exchange rate regime are at the center of capital inflows experiences and financial vulnerabilities. Rigid exchange rates induce vulnerabilities, which may lead to sharp capital account reversals. We also discuss three important characteristics of the Chilean experience since the 90s. The first is the fact that most international borrowing is done directly by corporations and it is not intermediated by the banking system. The second is the implication of the free trade agreement of Chilean and the US regarding capital controls. Finally, we examine the Chilean experience following the Asian-Russia crisis, showing that Chile did not suffer a sudden-stop, but a current account reversal due to policy reactions and a sudden-start in capital outflows"--NBER website
Author : Mr.Tito Cordella
Publisher : International Monetary Fund
ISBN 13 : 1451855257
Total Pages : 11 pages
Book Rating : 4.4/5 (518 download)
Download or read book Can Short-Term Capital Controls Promote Capital Inflows? written by Mr.Tito Cordella and published by International Monetary Fund. This book was released on 1998-09-01 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an economy à la Diamond and Dybvig (1983), we present an example in which foreign lenders find it profitable to invest in an emerging market if, and only if, the emerging market government imposes taxes on short-term capital inflows. This implies that capital controls that are effective in reducing the vulnerability of emerging markets to financial crises may increase the volume of capital inflows.
Author : Francisco Gallego
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (318 download)
Download or read book Capital Controls in Chile written by Francisco Gallego and published by . This book was released on 1999 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kristin J. Forbes
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (129 download)
Download or read book One Cost of the Chilean Capital Controls written by Kristin J. Forbes and published by . This book was released on 2010 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is growing support for taxes on short-term capital inflows in emerging markets, such as the encaje adopted by Chile from 1991-98. Previous empirical assessments of the encaje conclude that it may have generated some small economic benefits, such as shifting the composition of capital inflows to a longer maturity, but no significant economic costs. Managers of small and medium-sized companies in Chile, however, claim that the encaje made it substantially more difficult to obtain financing for productive investment. This paper assesses whether the Chilean capital controls increased financial constraints for different-sized, publicly-traded firms. It uses two different testing methodologies: a Tobin's q and Euler-equation framework. Results indicate that during the encaje, smaller traded firms in Chile experienced significant financial constraints and these constraints decreased as firm size increased. Both before and after the encaje, however, no group of traded firms experienced significant financial constraints, and there is no relationship between firm size and financial constraints. Although Chilean-style capital controls may also yield benefits encaje could be particularly important in emerging markets where smaller firms can be valuable sources of job creation and economic growth.
Author : Francisco Gallego
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (318 download)
Download or read book Microeconomic Effects of Capital Controls written by Francisco Gallego and published by . This book was released on 2003 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ingrid Vogel
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Capital Controls in Chile in the 1990s written by Ingrid Vogel and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sian Anick Seroux Yaha
Publisher :
ISBN 13 : 9781369701500
Total Pages : 103 pages
Book Rating : 4.7/5 (15 download)
Download or read book Two Essays in International Finance written by Sian Anick Seroux Yaha and published by . This book was released on 2017 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: I assess the impact of the 1991-1998 Chilean capital control policy on exports from the four most financially dependent sectors in the country. The capital control policy is modeled as a shock that tightens credit constraints. The analysis relies on findings from the international trade literature suggesting that tighter credit constraints affect financially dependent sectors in less financially developed economies the most. To that extent, exports volumes of Chilean glass, plastic, professional equipment and electrical machinery during the capital controls are compared to what they could have been if the policy had not been implemented. The latter is recovered using a synthetic control technique where observations from 11 other countries are used. My results suggest that the Encaje negatively affected both the growth rate of plastic products exports in Chile and the level of electric machinery exports. The effect of the policy on glass product and professional equipment exports are not statistically significant. This paper uncovers some of the indirect costs of capital controls that should be considered by policymakers when considering this type of policy.
Author : Sebastian Edwards
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (318 download)
Download or read book Interest Rates, Contagion and Capital Controls written by Sebastian Edwards and published by . This book was released on 2000 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper I analyze several issues related to contagion, ' including its definition, recent experiences, alternative channels at work, and possible prevention mechanisms. The discussion deals with the macroeconomics implications of contagion, and concentrates on the relationship between the degree of openness of the capital account and the transmission of foreign shocks. More specifically, I ask whether restrictions to capital mobility and, in particular, controls on capital inflows of the type Chile implemented throughout most of the 1990s reduce a country's vulnerability to contagion. I also deal, albeit briefly, with the connection between the exchange rate regime and the propagation of international shocks. The evidence presented in this paper shows that the effectiveness of Chile's controls on inflows has often been overstated. Indeed, Chile was severely affected by the East Asian, Russian and Brazilian crises.
Author : Gerald A. Epstein
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781008058
Total Pages : 368 pages
Book Rating : 4.0/5 (8 download)
Download or read book Capital Flight and Capital Controls in Developing Countries written by Gerald A. Epstein and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital flight - the unrecorded export of capital from developing countries - often represents a significant cost for developing countries. It also poses a puzzle for standard economic theory, which would predict that poorer countries be importers of capital due to its scarcity. This situation is often reversed, however, with capital fleeing poorer countries for wealthier, capital-abundant locales. Using a common methodology for a set of case studies on the size, causes and consequences of capital flight in developing countries, the contributors address the extent of capital flight, its effects, and what can be done to reverse it. Case studies of Brazil, China, Chile, South Africa, Thailand, Turkey and the Middle East provide rich descriptions of the capital flight phenomena in a variety of contexts. The volume includes a detailed description of capital flight estimation methods, a chapter surveying the impact of financial liberalization, and several chapters on controls designed to solve the capital flight problem. The first book devoted to the careful calculation of capital flight and its historical and policy context, this volume will be of great interest to students and scholars in the areas of international finance and economic development.
Author : Felipe Larraín B.
Publisher : University of Michigan Press
ISBN 13 : 9780472110988
Total Pages : 188 pages
Book Rating : 4.1/5 (19 download)
Download or read book Capital Flows, Capital Controls, and Currency Crises written by Felipe Larraín B. and published by University of Michigan Press. This book was released on 2000 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the resurgence in private capital inflows experienced by Latin America during the 1990s
