01775cas a2200253 a 4500 AALejournalIMF005604 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451871777 1018-5941 BD-DhAAL BD-DhAAL Clements, Benedict. Are Capital Controls Effective in the 21st Century? : The Recent Experience of Colombia / Benedict Clements, Herman Kamil. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper assesses the effects of capital controls imposed in Colombia in 2007 on capital flows and exchange rate dynamics. The results suggest that the controls were successful in reducing external borrowing, but had no statistically significant impact on the volume of non- FDI flows as a whole. We find no evidence that restrictions to capital mobility moderated the appreciation of Colombia's currency, or increased the degree of independence of monetary policy. We also find that controls have significantly increased the volatility of the exchange rate. Additional research is needed to assess the effects of capital controls on financial stability. Mode of access: Internet Kamil, Herman. IMF Working Papers; Working Paper ; No. 2009/030 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/030/001.2009.issue-030-en.xml IMF e-Library