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Efectividad Del Control A Los Flujos De Capital: Un Reexamen Empírico De La Experiencia Reciente Reciente En Colombia

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  • Hernán Rincón

Abstract

Este trabajo utiliza una medida de los flujos de capital privado de corto plazo y variables que buscan capturar los niveles de los créditos comerciales y de las transacciones internacionales y factores de expulsión y atracción para evaluar la efectividad de los controles de capital, específicamente de un depósito no remunerado sobre los flujos de crédito externo, en el caso colombiano. Se utiliza la metodología de Johansen y Juselius la cual permite usar directamente variables no estacionarias en las estimaciones y controlar por problemas de simultaneidad. La conclusión principal es que los controles han sido efectivos en disminuir los flujos de capital de corto plazo. La evidencia resalta también el papel jugado por factores de expulsión y atracción en la determinación de los flujos de crédito externo y muestra que la hipótesis de paridad descubierta de interés, ajustada por una prima de riesgo, no es satisfecha por los datos.

Suggested Citation

  • Hernán Rincón, 1999. "Efectividad Del Control A Los Flujos De Capital: Un Reexamen Empírico De La Experiencia Reciente Reciente En Colombia," Borradores de Economia 2412, Banco de la Republica.
    • Handle: RePEc:col:000094:002412
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    References listed on IDEAS

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    1. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
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    Cited by:

    1. Antonio David, 2009. "Are price-based capital account regulations effective in developing countries?," Applied Economics, Taylor & Francis Journals, vol. 41(26), pages 3375-3388.

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    Keywords

    Paridad Descubierta de Interés;

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