Capital Flows and Long-Term Equilibrium Real Exchange Rates in Chile PDF Download
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Author: Ibrahim Elbadawi
Publisher: World Bank Publications
ISBN:
Category : Capital movements
Languages : en
Pages : 40
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Book Description
Author: Ibrahim Elbadawi
Publisher: World Bank Publications
ISBN:
Category : Capital movements
Languages : en
Pages : 40
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Book Description
Author: Ibrahim A. Elbadawi
Publisher:
ISBN:
Category : Flujo de capital - Chile
Languages : en
Pages : 34
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Book Description
Author: Mr.Jaime Cardoso
Publisher: International Monetary Fund
ISBN: 145185823X
Category : Business & Economics
Languages : en
Pages : 53
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Book Description
As a result of the Asian crisis, methods of coping with volatile international capital markets have received considerable attention from observers and policymakers. It has been argued that the imposition by Chile of a nonremunerated reserve requirement on external borrowing played a useful role in the smooth liberalization of its capital account by allowing Chile to deal effectively with short-term capital inflows and thus to reduce its vulnerability to external shocks, and that such measures should be adopted by other countries. In light of this, this paper reviews Chile’s experience in managing capital flows and draws lessons for policymakers.
Author: Mr.Francisco Nadal De Simone
Publisher: International Monetary Fund
ISBN: 1451847238
Category : Business & Economics
Languages : en
Pages : 56
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Book Description
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.
Author: Paul D. McNelis
Publisher: World Bank Publications
ISBN:
Category : Apertura economica - Chile
Languages : en
Pages : 47
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Book Description
Data for Chile (1975-82) indicate that liberalizing the capital accounts does not eliminate variations in the domestic interest rate but shifts them to the real exchange rate.
Author: Ms.Martine Guerguil
Publisher: International Monetary Fund
ISBN: 1451847831
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
This paper reviews the evolution of certain price and nonprice competitiveness indicators in Chile and concludes that the pecuniary loss of competitiveness associated with the appreciation of the peso since the late 1980s has been broadly offset by productivity gains and adjustments in factor intensity, particularly in the manufacturing sector. However, there may be limited room for further advances from that point, which gives new prominence to certain policy issues such as structural reforms to increase productivity, a reassessment of the tax treatment of the mining sector, and a rebalancing of the macroeconomic policy mix to dampen speculative capital inflows.
Author: Mr.Yan Carriere-Swallow
Publisher: International Monetary Fund
ISBN: 148433146X
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
This paper recounts Chile’s experience with capital account policies since the 1990s. We present how two external shocks were confronted under very different macroeconomic and capital account frameworks. We show that during the 1997-98 Asian-LTCM-Russia crisis, a closed capital account and relatively rigid exchange rate severely constrained the monetary policy response to the shock, aggravating the fall in domestic demand. During the 2008-09 crisis, a full-fledged inflation targeting framework allowed the authorities to implement a significant countercyclical response. We argue that domestic stability considerations lay behind the policy regime switch toward capital account liberalization from 1999 onwards.
Author: Timothy Condon
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 38
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Book Description
Author: Paul D. McNelis
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 62
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Book Description
Author: Guillermo Le Fort
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
After the failure of the early 1980s, a second attempt at capital account liberalization was gradually carried out in Chile during the 1990s, this time in parallel with increased exchange rate flexibility. Capital account regulations were applied to support the independent monetary policy committed to the inflation target, while the exchange rate was quasi-pegged within a band that targeted the real exchange rate (RER). Still, the policy framework directed at stabilizing the RER appears to have been of limited effectiveness, with the surges and sudden-stops in capital flows playing an important role in RER dynamics. Foreign exchange market intervention appears not to have affected the RER while reserve requirement appears to have exerted a depreciating effect. Government spending and import tariffs, appear to be significant tools to moderate the real appreciation thus providing one additional reason for adopting a countercyclical fiscal policy and accelerating trade openness.
