Front Matter Page
Monetary and Capital Markets Department
Contents
I. Introduction
II. Capital Controls in Emerging Markets during the 2000s
A. Brazil
B. Colombia
C. Thailand
D. Korea
III. Measuring the Intensity of Capital Controls
IV. Determinants of Capital Flows
A. Data
B. Results for the Pull and Push Factors
V. Vector Autoregressive Analysis on the Effectiveness of Controls
A. Estimation Setup
B. Results by Country
VI. Discussion and Conclusions
References
Tables
1. Private Capital Flows, 2000: Q1 to 2008: Q2
2. Effectiveness of Capital Control Policies in Selected Emerging Economies in the 2000s
3. Regressions Explaining the Volume of Capital Flows, Brazil
4. Regressions Explaining the Volume of Capital Flows, Colombia
5. Regressions Explaining the Volume of Capital Flows, Thailand
6. Regressions Explaining the Volume of Capital Flows, Korea
Figures
1. Private Capital Flow
2. Evolution of Capital Controls
3. Responses to the Tax in Brazil
4. Responses to the Tax in Brazil, Composition of the Flows
5. Responses to the Unremunerated Reserve Requirement in Colombia
6. Responses to the Unremunerated Reserve Requirement in Colombia, Six Months after its Introduction
7. Responses to the Unremunerated Reserve Requirement in Colombia, Six Month after its Introduction, Composition of the Flows
8. Responses to the Unremunerated Reserve Requirement in Thailand
9. Responses to the Unremunerated Reserve Requirement in Thailand, Composition of the Flows
10. Responses to Other Inflow Controls in Thailand
11. Responses to the Outflow Controls in Korea
12. Responses to the Outflow Controls in Korea, Composition of the Flows
Appendices
I. Series Definition, Source, and Coverage
II. Summary of Stationarity Test
III. Selected Capital Account Management Measures