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Are Capital Controls Effective in the 21st Century? The Recent Experience of Colombia

Author: Herman Kamil

Publisher: INTERNATIONAL MONETARY FUND

Published: 2009-02-01

Total Pages: 25

ISBN-13: 9781451871777

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.

Effectiveness of Capital Controls in Selected Emerging Markets in the 2000's

Author: Chikako Baba

Publisher: International Monetary Fund

Published: 2011-12-01

Total Pages: 45

ISBN-13: 1463926626

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This paper estimates the effectiveness of capital controls in response to inflow surges in Brazil, Colombia, Korea, and Thailand in the 2000s. Controls are generally associated with a decrease in inflows and a lengthening of maturities, but the relationship is not statistically significant in all cases, and the effects are temporary. Controls are more successful in providing room for monetary policy than dampening currency appreciation pressures. We argue that the macroeconomic impact of capital controls depends on the extensiveness of the policy, the level of capital market development, the support provided by other policies, and the persistence of capital flows.

The Global Economic Crisis and the Developing World

Author: Ashwini Deshpande

Publisher: Routledge

Published: 2012-06-14

Total Pages: 382

ISBN-13: 1136315128

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The world economy is currently in the throes of a global economic crisis reminiscent of the great depressions of the 1930s and the 1870s. As back then, the crisis has exposed the major structural imbalances in financial and credit markets in addition to global trade forcing many governments, developed and developing, to impose debilitating austerity measures that are exacerbating the structural weaknesses that caused the crisis in the first place. This volume offers historical insights into the origins of the contemporary crisis as well as detailed analyses of the financial and trade dimensions, an assessment of the technological and innovation context along with perspectives on the implications for unemployment and gender imbalances.

The Great Recession

Author: Jacob Braude

Publisher: MIT Press

Published: 2013

Total Pages: 393

ISBN-13: 0262018349

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Here, experts assess the role of central banks in responding to the recent financial crisis and in preventing future crises. The contributors focus on monetary policy, the new area of macroprudential policy, and issues of exchange rates, capital flows, and banking and financial markets.

Financial Stability and Growth

Author: Luiz Carlos Bresser-Pereira

Publisher: Routledge

Published: 2014-02-05

Total Pages: 360

ISBN-13: 1317932781

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The 2008 global financial crisis took the world by surprise, not least because politicians, businessmen and economists believed that they had learned crucial lessons from the Great Depression of the 1930s. As a direct result of deregulated financial markets, financial crises occurred in both developed and developing economies. However, this volume argues that in the most recent crisis developing countries suffered less, and that financial policy and regulation played a crucial part in this. The contributors to this volume explore the alternative development paradigm that has been gaining credence since the Asian crisis, known as new developmentalism. New developmentalism is embodied in the following principles: exchange rate responsibility or growth with domestic savings, fiscal responsibility, and the assignment of a strategic role for the state. New developmentalism is a set of values, ideas, institutions and economic policies through which, in the early 21st century, developing countries have sought to catch up with developed countries. This book examines the global financial crisis, the financial regulatory problem, with particular emphasis on Brazil, and the alternative policies that derive from new developmentalism. This volume will be of interest to scholars and policymakers working in the areas of globalization, financial regulation and development studies.

Do Capital Controls Limit Inflow Surges?

Author: Apoorv Bhargava

Publisher: International Monetary Fund

Published: 2023-03-10

Total Pages: 40

ISBN-13:

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With rising financial integration, the magnitude and swings in capital flows have increased in the past two decades, intensifying the policy debate on how best to deal with these flows. This paper assesses the use and effectiveness of capital controls in limiting inflow surges. Using a novel dataset on capital control changes across 40 advanced and emerging market and developing economies over 1995-2018, we find that the tightening of capital controls reduces the probability of future surges both at the aggregate and the asset flow levels. The results are robust to various definitions of surges and are stronger when controls are matched to the asset class they target. Finally, we also find significant multilateral spillovers from capital control actions, pointing towards the need for international cooperation in the use of these policies.

Capital Controls and International Economic Law

Author: Bryan Mercurio

Publisher: Cambridge University Press

Published: 2023-05-31

Total Pages: 243

ISBN-13: 1316517438

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Explores the IMF's mandate over capital flows and analyses whether capital controls are consistent with international trade and investment agreements.

Financial Liberalisation

Author: Philip Arestis

Publisher: Springer

Published: 2016-11-26

Total Pages: 374

ISBN-13: 3319412191

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This book is the thirteenth volume in the International Papers in Political Economy (IPPE) series which explores the latest developments in political economy. A collection of eight papers, the book concentrates on the deregulation of domestic financial markets and discusses financial liberalisation in terms of its past performance, current progress and future developments. The chapters have been written by expert contributors in the field and focus on topics such as past records of financial liberalisation, future policies of regulation, and current account imbalances. Other papers examine capital account regulations in developing and emerging countries, and capital controls in the Eurozone after the 2007 financial crisis. This collection of papers invites readers to consider the impact of financial liberalisation both during and after the global economic crisis. Scholars and students with an interest in political economy, financialisation, and economic performance will find this collection stimulating and informative.

Southeast Asian Economic Outlook 2011/12

Author: OECD

Publisher: OECD Publishing

Published: 2012-01-18

Total Pages: 223

ISBN-13: 9264166882

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This edition of the Southeast Asian Economic Outlook examines the macroeconomic situation and medium-term growth prospects for countries in the region; structural challenges; green growth strategies, policies and institutions; and environmental taxes.

Global Financial Governance Confronts the Rising Powers

Author: C. Randall Henning

Publisher: McGill-Queen's Press - MQUP

Published: 2016-10-17

Total Pages: 352

ISBN-13: 1928096182

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Global Financial Governance Confronts the Rising Powers addresses the challenge that the rising powers pose for global governance, substantively and institutionally, in the domain of financial and macroeconomic cooperation. It examines the issues that are before the G20 that are of particular concern to these newly influential countries and how international financial institutions and financial standard-setting bodies have responded. With authors who are mainly from the large emerging market countries, the book presents rising power perspectives on financial policies and governance that should be of keen interest to advanced countries, established and evolving institutions, and the G20.