Are Capital Controls and Central Bank Intervention Effective?

Borradores de Economia
Number: 
625
Published: 
Classification JEL: 
F31, F32, E58, C52
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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Capital controls and intervention in the foreign exchange market are two controversial policy options that many countries have adopted in the past in order to influence the exchange rate and moderate capital flows. Colombia has a long record in the use of