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The Effectiveness of Capital Controls � The Case of Slovenia

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  • Claudia M. Buch
  • Elke Hanschel

Abstract

Similar to Chile in the 1990s, Slovenia has introduced an unremunerated reserve requirement (URR) on financial credits in 1995. We find that the URR has not been effective in reducing overall inflows of foreign capital. Hence, the gain in monetary autonomy has been limited. While the overall structure of capital inflows has not differed decidedly from that of other transition economies, Slovenia has raised less short-term bank credit from abroad. Moreover, there are indications that the volatility of exchange rates has declined after the imposition of the URR while the volatility of capital flows has increased.

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 933.

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Length: 39 pages
Date of creation: Jun 1999
Date of revision:
Handle: RePEc:kie:kieliw:933

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Keywords: Slovenia; capital controls;

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  1. Richards, Anthony J., 1995. "Comovements in national stock market returns: Evidence of predictability, but not cointegration," Journal of Monetary Economics, Elsevier, Elsevier, vol. 36(3), pages 631-654, December.
  2. Eliana Cardoso & Ilan Goldfajn, 1998. "Capital Flows to Brazil: The Endogeneity of Capital Controls," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 161-202, March.
  3. Leonardo Bartolini & Allan Drazen, 1996. "Capital account liberalization as a signal," Staff Reports, Federal Reserve Bank of New York 11, Federal Reserve Bank of New York.
  4. Michael P. Dooley, 1996. "A Survey of Literature on Controls over International Capital Transactions," IMF Staff Papers, Palgrave Macmillan, vol. 43(4), pages 639-687, December.
  5. Maurice Obstfeld, 1982. "Can We Sterilize? Theory and Evidence," NBER Working Papers 0833, National Bureau of Economic Research, Inc.
  6. R. B. Johnston & Chris Ryan, 1994. "The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries' Balance of Payments," IMF Working Papers, International Monetary Fund 94/78, International Monetary Fund.
  7. Kouri, Pentti J K & Porter, Michael G, 1974. "International Capital Flows and Portfolio Equilibrium," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(3), pages 443-67, May/June.
  8. James Tobin, 1978. "A Proposal for International Monetary Reform," Eastern Economic Journal, Eastern Economic Association, Eastern Economic Association, vol. 4(3-4), pages 153-159, Jul/Oct.
  9. Whitney K. Newey & Kenneth D. West, 1986. "A Simple, Positive Semi-Definite, Heteroskedasticity and AutocorrelationConsistent Covariance Matrix," NBER Technical Working Papers, National Bureau of Economic Research, Inc 0055, National Bureau of Economic Research, Inc.
  10. Nouriel Roubini, 1988. "Offset and Sterilization Under Fixed Exchange Rates With An Optimizing Central Bank," NBER Working Papers 2777, National Bureau of Economic Research, Inc.
  11. James Riedel, 1997. "Capital Market Integration in Developing Asia," The World Economy, Wiley Blackwell, Wiley Blackwell, vol. 20(1), pages 1-20, 01.
  12. Engel, Charles, 1996. "A note on cointegration and international capital market efficiency," Journal of International Money and Finance, Elsevier, Elsevier, vol. 15(4), pages 657-660, August.
  13. Francisco Nadal-De Simone & Piritta Sorsa, 1999. "A Review of Capital Account Restrictions in Chile in the 1990's," IMF Working Papers, International Monetary Fund 99/52, International Monetary Fund.
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Cited by:
  1. Zsófia Ãrvai, 2005. "Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States," IMF Working Papers, International Monetary Fund 05/213, International Monetary Fund.
  2. Faggio, Giulia & Konings, Jozef, 1999. "Gross Job Flows and Firm Growth in Transition Countries: Evidence Using Firm Level Data on Five Countries," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2261, C.E.P.R. Discussion Papers.

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