Manifestación

Autores

• Autor: López Rodríguez, Juan Diego

Identificador

1078008

Fecha de publicación

2016

Forma obra

Texto

Lugar de producción

Research Academy of Social Sciences—Journal of Empirical Economics, Vol. 5, No. 1, 2016, 23-34, 2016

Nota de edición

Digitalización realizada por la Biblioteca Virtual del Banco de la República (Colombia)

Materias

• Ciencias sociales; Ciencias sociales / Economía
• International Finance; Time-Series Models; Private Capital Flows; Controls on capital flows

Notas

• Colombia
• Colfuturo
• © Derechos reservados del autor
• In view of the surge in short-term private capital flows to Colombia and other emerging markets in recent years, housing-price and stock market bubbles have emerged; therefore, the study of the relative effectiveness of controls on private capital flows is a timely and important topic to undertake. Did the nonremunerated reserve requirement imposed on private capital inflows in Colombia decrease the total stock of flows? Following the empirical work of Cárdenas and Steiner (2000), this study modifies their work by adding a second period of controls for Colombia, as well as undertaking a unit root and vector error cointegration analysis. The study finds that controls were not capable of decreasing the total amount of private capital inflows in the short-run, but they were able to do so in the long run. These findings demonstrate that, in the case of Colombia, the careful and nuanced use of controls can (and should) be used by policymakers as an important instrument to prevent volatility in the real exchange rate in a world of increasing financial integration.

Enlace permanente

https://www.cervantesvirtual.com/obra/are-controls-effective-in-curbing-private-capital-flows-in-colombia-a-time-series-analysis-son-los-controles-efectivos-en-frenar-el-flujo-de-capitales-privados-en-colombia-1078008

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