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- W1608461579 abstract "New empirical evidence with regards to the effectiveness and efficiency of Chile’s capital controls is provided here, based on more and better data on the range of controls and a broad assessment of their costs and benefits. The paper concludes that capital controls have been partially effective by raising the wedge between domestic and foreign interest rates, reducing aggregate net capital inflows, and changing the debt composition toward longer maturities, without significantly altering the real exchange rate. Part of these effects is temporary as the effectiveness of controls is eroded over time for a given interest rates differential. Controls may have been crucial by contributing to Chile’s lower exposure to short-term foreign liabilities at the time of the 1997-98 international financial turmoil. However, achieving temporary macroeconomic benefits by relying on capital controls involves incurring in financial and growth effects that raise concerns about their efficiency. The costs that resulted from the policy mix that comprised the capital controls, in terms of quasi-fiscal losses and lower investment and growth, were probably not negligible. Resumen Este trabajo presenta nueva evidencia empirica sobre la efectividad y eficiencia de los controles de capital en Chile. La evidencia se basa en mas y mejores datos sobre estos controles y en una estimacion aproximada de algunos de sus costos y beneficios potenciales. En el trabajo se concluye que los controles de capital han sido parcialmente efectivos en aumentar la diferencia entre las tasas de interes internas y externas, reducir los flujos netos de capitales, y cambiar la madurez de los pasivos externos, aunque sin afectar significativamente al tipo de cambio real. El efecto sobre la madurez de los pasivos externos (hacia plazos mas largos) pudo haber jugado un rol trascendente durante la crisis financiera internacional de 1997-98. Sin embargo, parte de estos efectos son transitorios debido a que la efectividad de los controles se erosiona a traves del tiempo por la existencia de diferenciales positivos de tasas de interes. Los controles de capitales, no obstante generar beneficios macroeconomicos transitorios, tambien producen efectos financieros y sobre el crecimiento, los que deben ser tomados en cuenta para evaluar su eficiencia. Existen costos importantes, en terminos de deficits cuasi-fiscales y menores tasas de inversion y crecimiento, resultantes de la combinacion de politicas de las cuales el encaje es parte integrante." @default.
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- W1608461579 date "1997-01-01" @default.
- W1608461579 modified "2023-09-24" @default.
- W1608461579 title "Capital Controls in Chile: Effective? Efficient?" @default.
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