Price-based capital account regulations: the Colombian experience

Includes bibliography

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Detalles Bibliográficos
Autores principales:	Ocampo, José Antonio, Tovar, Camilo Ernesto
Otros Autores:	NU. CEPAL. Unidad de Financiamiento
Formato:	Texto
Lenguaje:	English
Publicado:	ECLAC 2014
Materias:	ASISTENCIA FINANCIERA CONTROLES DE PRECIOS DEUDA EXTERNA MOVIMIENTOS DE CAPITAL REGLAS Y NORMAS SERVICIOS FINANCIEROS TASAS DE INTERES TIPOS DE CAMBIO SISTEMAS MONETARIOS RECURSOS FINANCIEROS CAPITAL MOVEMENTS EXTERNAL DEBT FINANCIAL ASSISTANCE FINANCIAL SERVICES FOREIGN EXCHANGE RATES INTEREST RATES PRICE CONTROLS RULES AND REGULATIONS MONETARY SYSTEMS FINANCIAL RESOURCES
Acceso en línea:	http://hdl.handle.net/11362/5294
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id	oai-11362-5294
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spelling	oai-11362-52942020-03-06T14:48:33Z Price-based capital account regulations: the Colombian experience Ocampo, José Antonio Tovar, Camilo Ernesto NU. CEPAL. Unidad de Financiamiento ASISTENCIA FINANCIERA CONTROLES DE PRECIOS DEUDA EXTERNA MOVIMIENTOS DE CAPITAL REGLAS Y NORMAS SERVICIOS FINANCIEROS TASAS DE INTERES TIPOS DE CAMBIO SISTEMAS MONETARIOS RECURSOS FINANCIEROS CAPITAL MOVEMENTS EXTERNAL DEBT FINANCIAL ASSISTANCE FINANCIAL SERVICES FOREIGN EXCHANGE RATES INTEREST RATES PRICE CONTROLS RULES AND REGULATIONS MONETARY SYSTEMS FINANCIAL RESOURCES Includes bibliography Abstract 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. 2014-01-02T15:44:23Z 2014-01-02T15:44:23Z 1999-10 Texto Documento Completo 9211212456 http://hdl.handle.net/11362/5294 LC/L.1243-P en Serie Financiamiento del Desarrollo 87 application/pdf COLOMBIA COLOMBIA ECLAC
institution	Cepal
collection	Cepal
language	English
topic	ASISTENCIA FINANCIERA CONTROLES DE PRECIOS DEUDA EXTERNA MOVIMIENTOS DE CAPITAL REGLAS Y NORMAS SERVICIOS FINANCIEROS TASAS DE INTERES TIPOS DE CAMBIO SISTEMAS MONETARIOS RECURSOS FINANCIEROS CAPITAL MOVEMENTS EXTERNAL DEBT FINANCIAL ASSISTANCE FINANCIAL SERVICES FOREIGN EXCHANGE RATES INTEREST RATES PRICE CONTROLS RULES AND REGULATIONS MONETARY SYSTEMS FINANCIAL RESOURCES
spellingShingle	ASISTENCIA FINANCIERA CONTROLES DE PRECIOS DEUDA EXTERNA MOVIMIENTOS DE CAPITAL REGLAS Y NORMAS SERVICIOS FINANCIEROS TASAS DE INTERES TIPOS DE CAMBIO SISTEMAS MONETARIOS RECURSOS FINANCIEROS CAPITAL MOVEMENTS EXTERNAL DEBT FINANCIAL ASSISTANCE FINANCIAL SERVICES FOREIGN EXCHANGE RATES INTEREST RATES PRICE CONTROLS RULES AND REGULATIONS MONETARY SYSTEMS FINANCIAL RESOURCES Ocampo, José Antonio Tovar, Camilo Ernesto Price-based capital account regulations: the Colombian experience
description	Includes bibliography
author2	NU. CEPAL. Unidad de Financiamiento
author_facet	NU. CEPAL. Unidad de Financiamiento Ocampo, José Antonio Tovar, Camilo Ernesto
format	Texto
author	Ocampo, José Antonio Tovar, Camilo Ernesto
author_sort	Ocampo, José Antonio
title	Price-based capital account regulations: the Colombian experience
title_short	Price-based capital account regulations: the Colombian experience
title_full	Price-based capital account regulations: the Colombian experience
title_fullStr	Price-based capital account regulations: the Colombian experience
title_full_unstemmed	Price-based capital account regulations: the Colombian experience
title_sort	price-based capital account regulations: the colombian experience
publisher	ECLAC
publishDate	2014
url	http://hdl.handle.net/11362/5294
work_keys_str_mv	AT ocampojoseantonio pricebasedcapitalaccountregulationsthecolombianexperience AT tovarcamiloernesto pricebasedcapitalaccountregulationsthecolombianexperience
_version_	1718442667813109760

Price-based capital account regulations: the Colombian experience

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