MARC Record from Library of Congress

LEADER: 02243cam a22003377a 4500
001 2005618388
003 DLC
005 20050708135246.0
007 cr |||||||||||
008 050708s2005 mau sb 000 0 eng
010 $a 2005618388
040 $aDLC$cDLC
043 $as-cl---
050 00 $aHB1
100 1 $aEdwards, Sebastian,$d1953-
245 10 $aCapital controls, exchange rate volatility and external vulnerability$h[electronic resource] /$cSebastian Edwards, Roberto Rigobon.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2005.
490 1 $aNBER working paper series ;$vworking paper 11434
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 7/8/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"We use high frequency data and a new econometric methodology to evaluate the effectiveness of controls on capital inflows. We focus on Chile's experience during the 1990s and investigate whether controls on capital inflows reduced Chile's vulnerability to external shocks. We recognize that changes in the controls will affect the way in which different macro variables relate to each other. We take this problem seriously, and we develop a methodology to deal explicitly with it. The main findings may be summarized as follows: (a) A tightening of capital controls on inflows depreciates the exchange rate. (b) We find that the "vulnerability" of the nominal exchange rate to external factors decreases with a tightening of the capital controls. And (c), we find that a tightening of capital controls increases the unconditional volatility of the exchange rate, but makes this volatility less sensitive to external shocks"--National Bureau of Economic Research web site.
650 0 $aCapital movements$zChile.
650 0 $aForeign exchange$zChile.
651 0 $aChile$xEconomic policy.
700 1 $aRigobón, Roberto.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 11434.
856 40 $uhttp://papers.nber.org/papers/W11434