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Efectividad del Control a los Flujos de Capital: Un Reexamen Empírico de la Experiencia Reciente en Colombia

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  • Hernán Rincón

Abstract

Este trabajo utiliza una medida de los flujos de capital privado de corto plazo y variables que buscan capturar los niveles de los créditos comerciales y de las transacciones internacionales y factores de expulsión y atracción para evaluar la efectividad de los controles de capital, específicamente de un depósito no remunerado sobre los flujos de crédito externo, en el caso colombiano. Se utiliza la metodología de Johansen y Juselius la cual permite usar directamente variables no estacionarias en las estimaciones y controlar por problemas de simultaneidad. La conclusión principal es que los controles han sido efectivos en disminuir los flujos de capital de corto plazo. La evidencia resalta también el papel jugado por factores de expulsión y atracción en la determinación de los flujos de crédito externo y muestra que la hipótesis de paridad descubierta de interés, ajustada por una prima de riesgo, no es satisfecha por los datos.

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  • Hernán Rincón, 1999. "Efectividad del Control a los Flujos de Capital: Un Reexamen Empírico de la Experiencia Reciente en Colombia," Borradores de Economia 132, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:132
    DOI: 10.32468/be.132
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    Cited by:

    1. José Darío Uribe, 2005. "Capital controls and foreign exchange market intervention in Colombia," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and monetary policy in emerging markets, volume 23, pages 128-40, Bank for International Settlements.
    2. Titelman Kardonsky, Daniel & Vera, Cecilia, 2009. "A summary of the experiences of Chile and Colombia with unremunerated reserve requirements on capital flows during the 1990's," Financiamiento para el Desarrollo 5200, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. Leonardo Villar & Hernán Rincón, 2000. "The Colombian Economy In The Nineties: Capital Flows And Foreign Exchange Regimes," Borradores de Economia 3575, Banco de la Republica.

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    More about this item

    Keywords

    Paridad Descubierta de Interés; Flujos de Capital; Depósito; Impuesto; Modelo de Corrección de Errores.;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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