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A Review of Capital Account Restrictions in Chile in the 1990's

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  • Francisco Nadal-De Simone
  • Piritta Sorsa

Abstract

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.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/52.

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Length: 55
Date of creation: 01 Apr 1999
Date of revision:
Handle: RePEc:imf:imfwpa:99/52

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Cited by:
  1. Francisco Gallego & Leonardo Hernández & Klaus Schmidt-Hebbel, 1999. "Capital Controls in Chile: Effective? Efficient?," Working Papers Central Bank of Chile, Central Bank of Chile 59, Central Bank of Chile.
  2. Leonardo Hernández & Klaus Schmidt-Hebbel, 2002. "Banking, Financial Integration, and International Crises: An Overview," Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (S (ed.), Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 1, pages 001-030 Central Bank of Chile.
  3. Márcio Gomes Pinto Garcia & Bernando S. de M. Carvalho, 2006. "Ineffective controls on capital inflows under sophisticated financial markets: Brazil in the nineties," Textos para discussão, Department of Economics PUC-Rio (Brazil) 516, Department of Economics PUC-Rio (Brazil).
  4. Kristin J. Forbes, 2005. "Capital Controls: Mud in the Wheels of Market Efficiency," Cato Journal, Cato Journal, Cato Institute, Cato Journal, Cato Institute, vol. 25(1), pages 153-166, Winter.
  5. Jean-Pierre Allegret, 2000. "Quel role pour les controles des mouvements internationaux de capitaux ?," Economie Internationale, CEPII research center, CEPII research center, issue 81, pages 77-108.
  6. Kristin J. Forbes, 2004. "Capital Controls: Mud in the Wheels of Market Discipline," NBER Working Papers 10284, National Bureau of Economic Research, Inc.
  7. Asli Demirgüç-Kunt & Luis Servén, 2010. "Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies," World Bank Research Observer, World Bank Group, World Bank Group, vol. 25(1), pages 91-124, February.
  8. Claudia M. Buch & Elke Hanschel, 1999. "The Effectiveness of Capital Controls � The Case of Slovenia," Kiel Working Papers 933, Kiel Institute for the World Economy.
  9. José De Gregorio, 2000. "Comment on "Capital Flows, Real Exchange Rates, and Capital Controls: Some Latin American Experiences"," NBER Chapters, National Bureau of Economic Research, Inc, in: Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies, pages 247-253 National Bureau of Economic Research, Inc.
  10. Forbes, Kristin J., 2003. "One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smaller Traded Firms," Working papers, Massachusetts Institute of Technology (MIT), Sloan School of Management 4273-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
  11. Taro Esaka & Shinji Takagi, 2012. "Testing the Effectiveness of Market-Based Controls: Evidence from the Experience of Japan with Short-Term Capital Flows in the 1970s," Discussion Papers in Economics and Business, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) 12-03, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).

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