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The Chilean-Style of Capital Controls: an Empirical Assessment

  • Heriberto Tapia
  • Ricardo Ffrench-Davis

In this paper we review the main features of the Chilean-Style of capital controls during the nineties. In particular, we analyze empirically the effectiveness of the unremunerated reserve requirement (URR) in three key areas: its capacity to open space for monetary policy, its influence on the maturity profile of foreign liabilities, and its effect on the volume of capital flows. Our results suggest that the application of the URR was successful in those three fields, despite the existence of elusion and evasion in the application of the instrument. We conclude that the Chilean experience could be useful for other emerging countries facing capital surges and highlight some specific advantages and relevant shortcomings of the Chilean model.

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Paper provided by Econometric Society in its series Econometric Society 2004 Latin American Meetings with number 255.

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Date of creation: 11 Aug 2004
Date of revision:
Handle: RePEc:ecm:latm04:255
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