Controls on Capital Inflows and External Shocks

The author attempts to analyze whether price-based controls on capital inflows are successful in insulating economies against external shocks. He presents results from vector auto regressive (VAR) models that indicate that Chile and Colombia, count...

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Main Author:	David, Antonio C.
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ARBITRAGE BALANCE SHEETS BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT POLICIES CAPITAL ACCOUNT RESTRICTIONS CAPITAL CONTROLS CAPITAL FLOWS CAPITAL GAINS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL OUTFLOWS CENTRAL BANK CENTRAL BANKS COMPOSITION OF CAPITAL INFLOWS CONSUMER PRICE INDEX COUNTRY RISK CREDIT EXPANSION CRISIS EPISODES CURRENCY CRISES CURRENCY MISMATCH CURRENCY REGIME CURRENCY RISK CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS CYCLICAL COMPONENT DEPOSIT INTEREST DEPOSIT INTEREST RATES DEPOSIT RATE DEPOSIT REQUIREMENT DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DOMESTIC ECONOMY DOMESTIC INFLATION DOMESTIC INTEREST RATE DOMESTIC INTEREST RATES DOMESTIC RESIDENTS ECONOMETRICS ECONOMIC ACTIVITY ECONOMIC REVIEW ECONOMIC SITUATION ECONOMIC VOLATILITY EMERGING ECONOMIES EMERGING MARKETS ENDOGENOUS VARIABLES EXCHANGE RATE REGIME EXCHANGE RATES EXCHANGE-RATE EXOGENOUS VARIABLES EXPORTS EXTERNAL DEBT EXTERNAL DISTURBANCES EXTERNAL SHOCKS EXTERNALITY FEDERAL RESERVE BANK FEDERAL RESERVE BOARD FEDERAL RESERVE SYSTEM FINANCIAL CONTAGION FINANCIAL CRISES FINANCIAL CYCLES FINANCIAL FRAGILITY FINANCIAL INTEGRATION FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKETS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INTEREST RATE FOREIGN INTEREST RATES FOREIGN INVESTORS FOREIGN RATES FOREIGN RESERVES FOREIGN SHOCKS GLOBAL TRANSMISSION OF INTEREST RATES GLOBALIZATION OF SECURITIES MARKETS HIGH INFLATION HOT MONEY INFLATION RATE INTERNATIONAL CAPITAL INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INTERNATIONAL RESERVES LATIN AMERICAN LIQUIDITY MACROECONOMIC POLICIES MACROECONOMIC VARIABLES MACROECONOMICS MONETARY POLICY MORAL HAZARD MULTIPLE EQUILIBRIA NOMINAL EXCHANGE RATE OPEN ECONOMIES OPEN ECONOMY OPPORTUNITY COST OVERVALUATION POLICY RESEARCH PORTFOLIOS REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE APPRECIATION REAL EXCHANGE RATE OVERVALUATION REAL INTEREST REAL INTEREST RATE REAL TERMS RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RISK AVERSION RISK PREMIA RISK PREMIUM SHORT-TERM CAPITAL SHORT-TERM CAPITAL INFLOWS SHORT-TERM DEBT SIDE EFFECTS T-BILLS TRANSMISSION MECHANISM
Online Access:	http://documents.worldbank.org/curated/en/2007/03/7471947/controls-capital-inflows-external-shocks http://hdl.handle.net/10986/7235

id	okr-10986-7235
recordtype	oai_dc
spelling	okr-10986-72352021-04-23T14:02:33Z Controls on Capital Inflows and External Shocks David, Antonio C. ARBITRAGE BALANCE SHEETS BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT POLICIES CAPITAL ACCOUNT RESTRICTIONS CAPITAL CONTROLS CAPITAL FLOWS CAPITAL GAINS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL OUTFLOWS CENTRAL BANK CENTRAL BANKS COMPOSITION OF CAPITAL INFLOWS CONSUMER PRICE INDEX COUNTRY RISK CREDIT EXPANSION CRISIS EPISODES CURRENCY CRISES CURRENCY MISMATCH CURRENCY REGIME CURRENCY RISK CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS CYCLICAL COMPONENT DEPOSIT INTEREST DEPOSIT INTEREST RATES DEPOSIT RATE DEPOSIT REQUIREMENT DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DOMESTIC ECONOMY DOMESTIC INFLATION DOMESTIC INTEREST RATE DOMESTIC INTEREST RATES DOMESTIC RESIDENTS ECONOMETRICS ECONOMIC ACTIVITY ECONOMIC REVIEW ECONOMIC SITUATION ECONOMIC VOLATILITY EMERGING ECONOMIES EMERGING MARKETS ENDOGENOUS VARIABLES EXCHANGE RATE REGIME EXCHANGE RATES EXCHANGE-RATE EXOGENOUS VARIABLES EXPORTS EXTERNAL DEBT EXTERNAL DISTURBANCES EXTERNAL SHOCKS EXTERNALITY FEDERAL RESERVE BANK FEDERAL RESERVE BOARD FEDERAL RESERVE SYSTEM FINANCIAL CONTAGION FINANCIAL CRISES FINANCIAL CYCLES FINANCIAL FRAGILITY FINANCIAL INTEGRATION FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKETS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INTEREST RATE FOREIGN INTEREST RATES FOREIGN INVESTORS FOREIGN RATES FOREIGN RESERVES FOREIGN SHOCKS GLOBAL TRANSMISSION OF INTEREST RATES GLOBALIZATION OF SECURITIES MARKETS HIGH INFLATION HOT MONEY INFLATION RATE INTERNATIONAL CAPITAL INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INTERNATIONAL RESERVES LATIN AMERICAN LIQUIDITY MACROECONOMIC POLICIES MACROECONOMIC VARIABLES MACROECONOMICS MONETARY POLICY MORAL HAZARD MULTIPLE EQUILIBRIA NOMINAL EXCHANGE RATE OPEN ECONOMIES OPEN ECONOMY OPPORTUNITY COST OVERVALUATION POLICY RESEARCH PORTFOLIOS REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE APPRECIATION REAL EXCHANGE RATE OVERVALUATION REAL INTEREST REAL INTEREST RATE REAL TERMS RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RISK AVERSION RISK PREMIA RISK PREMIUM SHORT-TERM CAPITAL SHORT-TERM CAPITAL INFLOWS SHORT-TERM DEBT SIDE EFFECTS T-BILLS TRANSMISSION MECHANISM The author attempts to analyze whether price-based controls on capital inflows are successful in insulating economies against external shocks. He presents results from vector auto regressive (VAR) models that indicate that Chile and Colombia, countries that adopted controls on capital inflows, seem to have been relatively well insulated against external disturbances. Subsequently, he uses the auto regressive distributed lag (ARDL) approach to co-integration to isolate the effects of the capital controls on the pass-through of external disturbances to domestic interest rates in those economies. The author concludes that there is evidence that the capital controls allowed for greater policy autonomy. 2012-06-06T14:47:42Z 2012-06-06T14:47:42Z 2007-03 http://documents.worldbank.org/curated/en/2007/03/7471947/controls-capital-inflows-external-shocks http://hdl.handle.net/10986/7235 English Policy Research Working Paper; No. 4176 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Latin America & Caribbean Colombia Chile
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ARBITRAGE BALANCE SHEETS BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT POLICIES CAPITAL ACCOUNT RESTRICTIONS CAPITAL CONTROLS CAPITAL FLOWS CAPITAL GAINS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL OUTFLOWS CENTRAL BANK CENTRAL BANKS COMPOSITION OF CAPITAL INFLOWS CONSUMER PRICE INDEX COUNTRY RISK CREDIT EXPANSION CRISIS EPISODES CURRENCY CRISES CURRENCY MISMATCH CURRENCY REGIME CURRENCY RISK CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS CYCLICAL COMPONENT DEPOSIT INTEREST DEPOSIT INTEREST RATES DEPOSIT RATE DEPOSIT REQUIREMENT DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DOMESTIC ECONOMY DOMESTIC INFLATION DOMESTIC INTEREST RATE DOMESTIC INTEREST RATES DOMESTIC RESIDENTS ECONOMETRICS ECONOMIC ACTIVITY ECONOMIC REVIEW ECONOMIC SITUATION ECONOMIC VOLATILITY EMERGING ECONOMIES EMERGING MARKETS ENDOGENOUS VARIABLES EXCHANGE RATE REGIME EXCHANGE RATES EXCHANGE-RATE EXOGENOUS VARIABLES EXPORTS EXTERNAL DEBT EXTERNAL DISTURBANCES EXTERNAL SHOCKS EXTERNALITY FEDERAL RESERVE BANK FEDERAL RESERVE BOARD FEDERAL RESERVE SYSTEM FINANCIAL CONTAGION FINANCIAL CRISES FINANCIAL CYCLES FINANCIAL FRAGILITY FINANCIAL INTEGRATION FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKETS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INTEREST RATE FOREIGN INTEREST RATES FOREIGN INVESTORS FOREIGN RATES FOREIGN RESERVES FOREIGN SHOCKS GLOBAL TRANSMISSION OF INTEREST RATES GLOBALIZATION OF SECURITIES MARKETS HIGH INFLATION HOT MONEY INFLATION RATE INTERNATIONAL CAPITAL INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INTERNATIONAL RESERVES LATIN AMERICAN LIQUIDITY MACROECONOMIC POLICIES MACROECONOMIC VARIABLES MACROECONOMICS MONETARY POLICY MORAL HAZARD MULTIPLE EQUILIBRIA NOMINAL EXCHANGE RATE OPEN ECONOMIES OPEN ECONOMY OPPORTUNITY COST OVERVALUATION POLICY RESEARCH PORTFOLIOS REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE APPRECIATION REAL EXCHANGE RATE OVERVALUATION REAL INTEREST REAL INTEREST RATE REAL TERMS RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RISK AVERSION RISK PREMIA RISK PREMIUM SHORT-TERM CAPITAL SHORT-TERM CAPITAL INFLOWS SHORT-TERM DEBT SIDE EFFECTS T-BILLS TRANSMISSION MECHANISM
spellingShingle	ARBITRAGE BALANCE SHEETS BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT POLICIES CAPITAL ACCOUNT RESTRICTIONS CAPITAL CONTROLS CAPITAL FLOWS CAPITAL GAINS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL OUTFLOWS CENTRAL BANK CENTRAL BANKS COMPOSITION OF CAPITAL INFLOWS CONSUMER PRICE INDEX COUNTRY RISK CREDIT EXPANSION CRISIS EPISODES CURRENCY CRISES CURRENCY MISMATCH CURRENCY REGIME CURRENCY RISK CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS CYCLICAL COMPONENT DEPOSIT INTEREST DEPOSIT INTEREST RATES DEPOSIT RATE DEPOSIT REQUIREMENT DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DOMESTIC ECONOMY DOMESTIC INFLATION DOMESTIC INTEREST RATE DOMESTIC INTEREST RATES DOMESTIC RESIDENTS ECONOMETRICS ECONOMIC ACTIVITY ECONOMIC REVIEW ECONOMIC SITUATION ECONOMIC VOLATILITY EMERGING ECONOMIES EMERGING MARKETS ENDOGENOUS VARIABLES EXCHANGE RATE REGIME EXCHANGE RATES EXCHANGE-RATE EXOGENOUS VARIABLES EXPORTS EXTERNAL DEBT EXTERNAL DISTURBANCES EXTERNAL SHOCKS EXTERNALITY FEDERAL RESERVE BANK FEDERAL RESERVE BOARD FEDERAL RESERVE SYSTEM FINANCIAL CONTAGION FINANCIAL CRISES FINANCIAL CYCLES FINANCIAL FRAGILITY FINANCIAL INTEGRATION FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKETS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INTEREST RATE FOREIGN INTEREST RATES FOREIGN INVESTORS FOREIGN RATES FOREIGN RESERVES FOREIGN SHOCKS GLOBAL TRANSMISSION OF INTEREST RATES GLOBALIZATION OF SECURITIES MARKETS HIGH INFLATION HOT MONEY INFLATION RATE INTERNATIONAL CAPITAL INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INTERNATIONAL RESERVES LATIN AMERICAN LIQUIDITY MACROECONOMIC POLICIES MACROECONOMIC VARIABLES MACROECONOMICS MONETARY POLICY MORAL HAZARD MULTIPLE EQUILIBRIA NOMINAL EXCHANGE RATE OPEN ECONOMIES OPEN ECONOMY OPPORTUNITY COST OVERVALUATION POLICY RESEARCH PORTFOLIOS REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE APPRECIATION REAL EXCHANGE RATE OVERVALUATION REAL INTEREST REAL INTEREST RATE REAL TERMS RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RISK AVERSION RISK PREMIA RISK PREMIUM SHORT-TERM CAPITAL SHORT-TERM CAPITAL INFLOWS SHORT-TERM DEBT SIDE EFFECTS T-BILLS TRANSMISSION MECHANISM David, Antonio C. Controls on Capital Inflows and External Shocks
geographic_facet	Latin America & Caribbean Colombia Chile
relation	Policy Research Working Paper; No. 4176
description	The author attempts to analyze whether price-based controls on capital inflows are successful in insulating economies against external shocks. He presents results from vector auto regressive (VAR) models that indicate that Chile and Colombia, countries that adopted controls on capital inflows, seem to have been relatively well insulated against external disturbances. Subsequently, he uses the auto regressive distributed lag (ARDL) approach to co-integration to isolate the effects of the capital controls on the pass-through of external disturbances to domestic interest rates in those economies. The author concludes that there is evidence that the capital controls allowed for greater policy autonomy.
format	Publications & Research :: Policy Research Working Paper
author	David, Antonio C.
author_facet	David, Antonio C.
author_sort	David, Antonio C.
title	Controls on Capital Inflows and External Shocks
title_short	Controls on Capital Inflows and External Shocks
title_full	Controls on Capital Inflows and External Shocks
title_fullStr	Controls on Capital Inflows and External Shocks
title_full_unstemmed	Controls on Capital Inflows and External Shocks
title_sort	controls on capital inflows and external shocks
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2007/03/7471947/controls-capital-inflows-external-shocks http://hdl.handle.net/10986/7235
_version_	1764401667181117440

Controls on Capital Inflows and External Shocks

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