A Review of Capital Account Restrictions in Chile in the 1990s

Francisco Nadal De Simone · Piritta Sorsa

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Abstract

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.

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References

1993Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors 1978A Proposal for International Monetary Reform 1995Two Cases for Sand in the Wheels of International Finance 1991National Saving and Economic Performance 1994The Chilean economy: policy lessons and challenges 1996The Tobin tax : coping with financial volatility 1990Currency Fluctuations in the Post-Bretton Woods Era 1994Real exchange rates and real interest differentials

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