Price-based capital account regulations: the Colombian experience

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cepal.bibLevelDocumento Completo
cepal.callNumberINT UN/FI 30(87/99)
cepal.callNumberLC/L.1243-P
cepal.divisionEngFinancing for Development Division
cepal.divisionOldUnidad de Financiamiento
cepal.divisionSpaDivisión de Financiamiento para el Desarrollo
cepal.docTypeSeries
cepal.idSade4509
cepal.jobNumberS998556 E
cepal.physicalDescriptiondiagramas, tablas
cepal.regionalOfficeSantiago
cepal.saleNumber99.II.G.41
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.workareaEngSTATISTICS
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaESTADÍSTICAS
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorTovar, Camilo Ernesto
dc.contributor.authorOcampo, José Antonio
dc.contributor.entityNU. CEPAL. Unidad de Financiamiento
dc.coverage.spatialEngCOLOMBIA
dc.coverage.spatialSpaCOLOMBIA
dc.date.accessioned2014-01-02T15:44:23Z
dc.date.available2014-01-02T15:44:23Z
dc.date.issued1999-10
dc.descriptionIncludes bibliography
dc.description.abstractAbstract The Chilean experience with price-based capital account regulations (i.e., deposits or reserve requirements on capital inflows) has been subject to extensive discussion in the recent literature. This paper presents evidence on the effectiveness of similar regulations in Colombia since September 1993, when traditional exchange controls were replaced by price-based regulations. It is important to emphasize that the Tobin tax equivalent of such regulations in Colombia has been quite high (13.6% and 6.4% tax for 12 and 36 months loans, respectively, in 1994-1998), and, as in Chile, it is certainly much higher than the rates suggested for an international Tobin tax. The econometric evidence presented indicates that these regulations have been effective in Colombia, both in terms of reducing the volume of flows and in improving the term structure of external borrowing. This indicates that price-based regulations give the authorities some room for maneuver to adopt restrictive monetary policies during international capital market booms. They have also been effective in improving the debt profile of the country, a crucial determinant of macroeconomic risks in the face of busts in the international capital market.
dc.formatTexto
dc.format.extent41 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.isbn9211212456
dc.identifier.unSymbolLC/L.1243-P
dc.identifier.urihttps://hdl.handle.net/11362/5294
dc.language.isoeng
dc.physicalDescription41 p. : diagrs., tabls.
dc.publisherECLAC
dc.publisher.placeSantiago
dc.relation.isPartOfSeriesSerie Financiamiento del Desarrollo
dc.relation.isPartOfSeriesNo87
dc.rights.coarDisponible
dc.subject.unbisEngCAPITAL MOVEMENTS
dc.subject.unbisEngEXTERNAL DEBT
dc.subject.unbisEngFINANCIAL ASSISTANCE
dc.subject.unbisEngFINANCIAL SERVICES
dc.subject.unbisEngFOREIGN EXCHANGE RATES
dc.subject.unbisEngINTEREST RATES
dc.subject.unbisEngPRICE CONTROLS
dc.subject.unbisEngRULES AND REGULATIONS
dc.subject.unbisEngMONETARY SYSTEMS
dc.subject.unbisEngFINANCIAL RESOURCES
dc.subject.unbisSpaASISTENCIA FINANCIERA
dc.subject.unbisSpaCONTROLES DE PRECIOS
dc.subject.unbisSpaDEUDA EXTERNA
dc.subject.unbisSpaMOVIMIENTOS DE CAPITAL
dc.subject.unbisSpaREGLAS Y NORMAS
dc.subject.unbisSpaSERVICIOS FINANCIEROS
dc.subject.unbisSpaTASAS DE INTERES
dc.subject.unbisSpaTIPOS DE CAMBIO
dc.subject.unbisSpaSISTEMAS MONETARIOS
dc.subject.unbisSpaRECURSOS FINANCIEROS
dc.titlePrice-based capital account regulations: the Colombian experience
dc.type.coarlibro
dspace.entity.typePublication
relation.isAuthorOfPublication582b8f8e-6341-49fc-a4dd-0066602cfe7f
relation.isAuthorOfPublication75bd9c99-e6ae-4493-95c9-18b39dbca1db
relation.isAuthorOfPublication.latestForDiscovery582b8f8e-6341-49fc-a4dd-0066602cfe7f
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