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Investigación económica

versión impresa ISSN 0185-1667

Inv. Econ vol.64 no.251 México ene./mar. 2005

 

Articles

Chilean unremunerated reserve requirement capital controls as a screening mechanism

Controles de capital chilenos al requisito de no renumerada como mecanismo de selección

Thomas I. Palley* 

* Director, Globalization Reform Project, Open Society Institute, Washington, DC, USA <tpalley@osi-dc.org>.

ABSTRACT

This paper presents a model of Chilean style "speed bump" capital controls that interprets them as a mechanism for screening out volatile investor types. This interpretation is contrasted with a public finance explanation which views speed bumps as a tax on short term capital inflows that raises their relative price. A surprising result is that even though speed bumps raise the cost of capital, they may actually increase the level of inflows. These increased inflows are more stable because they are provided by patient investors. The lesson is that screening out volatile investor types stabilizes the financial environment. Speed bumps benefit both firms and patient investors by reducing the damage done by sudden exit, which increases the demand for and supply of capital.

RESUMEN

Este trabajo presenta un modelo sobre los "speed bump" (topes) a los controles de capital de tipo chileno, que los interpreta como un mecanismo para identificar a los inversores volátiles. Esta interpretación es contrastada con la explicación basada en las finanzas públicas, cuyo punto de vista muestra a los topes como un impuesto sobre ingresos de capital a corto plazo que incrementan su precio relativo. Un resultado sorprendente es que aun cuando los topes incrementan el costo del capital, ellos pueden realmente Incrementar los ingresos de capital. Estos ingresos crecientes son más estables porque provienen de los inversionistas pacientes. La lecci6n es que discriminar a los inversores volátiles estabiliza el ambiente financiero. Los topes benefician tanto a las empresas como a los inversionistas pacientes al reducir el daño que podría provenir de salidas repentinas de capital, 10 cual aumenta la demanda y la oferta de capital.

JEL Classification: F3.

Texto completo disponible sólo en PDF

Full text available only in PDF format

References

Blecker, R.A., Taming Global Finance: A Better Architecture for Growth and Equity, Economic Policy Institute, Washington, DC, 1999. [ Links ]

Council on Foreign Relations, “The Future of the International Financial Architecture: An Executive Summary of the Findings of a Council on Foreign Relations Task Force”, Foreign Affairs, 78, November/ December, 1999, pp. 169-184. [ Links ]

Edwards, S., “How Effective are Capital Controls?”, NBER, Working Paper 7413, November, 1999. [ Links ]

De Gregorio, J., S. Edwards and O. Valdes, “Controls on capital Inflows: Do They Work?”, NBER, Working Paper 7645, April, 2000. [ Links ]

Eichengreen, B., Toward a New International Financial Architecture: A Practical Post-Asia Agenda, Institute for International Economics, Washington, DC, 1999. [ Links ]

Grabel, I., “Averting Crisis? Assessing Measures to Mange Financial Integration in Emerging Economies”, Cambridge Journal of Economics, forthcoming 2002/03. [ Links ]

Palley, T.I., “International Finance and Global Deflation: There is an Alternative”, in J. Michie and J. Grieve-Smith, (eds.), Global Instability: The Political Economy of World Economic Governance, New York, Routledge, 1999. [ Links ]

“Investors to Watch Chile’s Presidential Election As Candidates Pledge to Kill Controls on Capital”, Wall Street Journal, Monday 10 January, 2000. [ Links ]

Received: September 2003; Accepted: September 2004

Creative Commons License This is an open-access article distributed under the terms of the Creative Commons Attribution License