A Review of Capital Account Restrictions in Chile in the 1990s
Volume/Issue:
Volume 1999
Issue 052
Publication date: April 1999
ISBN: 9781451847239
$20.00
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Topics covered in this book
This title contains information about the following subjects.
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Banks and Banking , Exports and Imports , WP , capital flow , capital control , central bank , capital outflow , effect of the URR , Capital controls , interest rates and exchange rates , monetary policy , URR tax , interest rate differential , URR variable , URR effectiveness , effectiveness of the URR , transitory capital control , long-term debt , arbitrage condition , flows in Chile , short-term capital flow , short-term capital , Capital inflows , Capital flows , Real exchange rates , Real interest rates , Asia and Pacific
Summary
This paper examines the Chilean experience with capital controls and reviews studies on controls on capital inflows. Controls on Chile’s inflows had only a temporary impact in reducing specific inflows because they were affected by avoidance. There is some evidence that controls increased interest rates and altered the composition of capital inflows. The studies, however, contain important methodological problems in measuring flows and significant econometric weaknesses, which cast doubt on the robustness of the estimates. No study has assessed the political economy of the controls. It seems premature to view the Chilean experience as supportive of controls on capital inflows.
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