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Sobre la efectividad de los controles a los flujos de capital en Colombia

Author

Listed:
  • Mauricio Cárdenas

    ()

  • Felipe Barrera

    ()

Abstract

“Colombia ha experimentado durante la presente década un aumento sin precedentes en las entradas de capital como resultado de varios factores que ya han sido mencionados en otros artículos. Este artículo analiza la efectividad de los controles de capital en Colombia. La evidencia que se presenta sugiere que las medidas adoptadas en el pasado reciente han sido relativamente incapaces de reducir el nivel de flujos de capital. No obstante, los ejercicios realizados indican que dichos controles han inducido una recomposición de las obligaciones externas en favor de aquellas con vencimientos a largo plazo. Este artículo analiza la efectividad de los depósitos no remunerados y la retención en la fuente como instrumentos para ejercer controles a los flujos de capital. La experiencia colombiana ha sido citada como un ejemplo exitoso donde los controles de capital han resultado en una mayor estabilidad macroeconómica. El artículo se concentra en el análisis de los efectos de los impuestos de Tobin sobre el nivel y composición de los flujos de capital. El artículo está organizado de la siguiente manera. La sección 2 resume parte de la literatura sobre los argumentos a favor de los controles de capital y sus efectos posibles. la sección 3 presenta los "hechos estilizados" en relación con la magnitud de los flujos de capital y las políticas que se han adoptado en Colombia desde 1990. El marco conceptual para analizar la efectividad de los controles de capital se presenta en la sección 4. En la sección 5 se discuten los resultados econométricos. La sección 6 presenta alguna evidencia adicional sobre los efectos de los controles de capital sobre la tasa de interés y el premium cambiario. El artículo termina con una breve sección de conclusiones.”

Suggested Citation

  • Mauricio Cárdenas & Felipe Barrera, 1996. "Sobre la efectividad de los controles a los flujos de capital en Colombia," COYUNTURA ECONÓMICA, FEDESARROLLO, June.
  • Handle: RePEc:col:000438:013561
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    File URL: http://hdl.handle.net/11445/2185
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    References listed on IDEAS

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    1. Adams, Charles & Greenwood, Jeremy, 1985. "Dual exchange rate systems and capital controls: An investigation," Journal of International Economics, Elsevier, vol. 18(1-2), pages 43-63, February.
    2. A Alesina & V Grilli & G Milesi-Feretti, 1993. "The Political Economy of Capital Controls," CEP Discussion Papers dp0169, Centre for Economic Performance, LSE.
    3. Alberto Alesina & Vittorio Grilli & Gian Maria Milesi-Ferrett, 1993. "The Political Economy of Capital Controls," NBER Working Papers 4353, National Bureau of Economic Research, Inc.
    4. Jeremy Greenwood & Kent P. Kimbrough, 1985. "Capital Controls and Fiscal Policy in the World Economy," Canadian Journal of Economics, Canadian Economics Association, vol. 18(4), pages 743-765, November.
    5. Garber, Peter & Taylor, Mark P, 1995. "Sand in the Wheels of Foreign Exchange Markets: A Sceptical Note," Economic Journal, Royal Economic Society, vol. 105(428), pages 173-180, January.
    6. James Tobin, 1978. "A Proposal for International Monetary Reform," Eastern Economic Journal, Eastern Economic Association, vol. 4(3-4), pages 153-159, Jul/Oct.
    7. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
    8. Chuhan, Punam*Claessens,Constantijn A.*Mamingi,, 1993. "Equity and bond flows to Asia and Latin America : the role of global and country factors," Policy Research Working Paper Series 1160, The World Bank.
    9. Dornbusch, Rudiger, 1986. "Special Exchange Rates for Capital Account Transactions," World Bank Economic Review, World Bank Group, vol. 1(1), pages 3-33, September.
    10. Guillermo Mondiano & Rob Rennhack, 1989. "Movilidad De Capitales Y Politica Monetaria En Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 8(15), pages 25-45, June.
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    Cited by:

    1. Bernard J Laurens & Jaime Cardoso, 1998. "Managing Capital Flows; Lessons From the Experience of Chile," IMF Working Papers 98/168, International Monetary Fund.

    More about this item

    Keywords

    Flujos de Capital; Control de Capitales; Colombia;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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