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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.â€

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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    Cited by:

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

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    More about this item

    Keywords

    Flujos de Capital; Control de Capitales; Colombia;
    All these keywords.

    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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