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...
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详细
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2007/03/01
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政策研究报告
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WPS4175
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1
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1
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2010/07/01
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Disclosed
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Are price-based capital account regulations effective in developing countries ?
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capital flow