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En la serie de Documentos de Análisis del Personal Técnico del FMI se presentan los últimos análisis e investigaciones sobre políticas elaborados por miembros del personal técnico del FMI, que se publican para recibir comentarios y fomentar el debate. Estos documentos generalmente son breves y están escritos en un lenguaje no técnico, ya que se dirigen a un público amplio interesado en temas de política económica. Esta serie solo se publica en la página web y reemplazó en enero de 2011 a la serie de Notas de Opinión del Personal Técnico del FMI.

Exports and Imports --- Money and Monetary Policy --- International Investment --- Long-term Capital Movements --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International economics --- Monetary economics --- Capital controls --- Capital inflows --- Capital flows --- Credit --- Currencies --- Capital movements --- Money --- Colombia

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This paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities’ intention is to gain greater control of monetary policy and draws on the experiences of countries that have successfully dedollarized. Unlike previous work on the subject, this paper examines both macroeconomic stabilization policies and microeconomic measures, such as prudential regulation of the financial system. This study is also the first attempt to make extensive use of the foreign exchange regulation data reported in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. The main conclusion is that durable dedollarization depends on a credible disinflation plan and specific microeconomic measures.

Money. --- Currency question. --- Dollar, American. --- Foreign exchange. --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- American dollar --- Money --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Finance --- Finance, Public --- Legal tender --- Currency --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Monetary economics --- Foreign exchange --- Currencies --- Dollarization --- Exchange rates --- Fiscal stabilization --- Monetary policy --- Fiscal policy --- Croatia, Republic of

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En la serie de Documentos de Análisis del Personal Técnico del FMI se presentan los últimos análisis e investigaciones sobre políticas elaborados por miembros del personal técnico del FMI, que se publican para recibir comentarios y fomentar el debate. Estos documentos generalmente son breves y están escritos en un lenguaje no técnico, ya que se dirigen a un público amplio interesado en temas de política económica. Esta serie solo se publica en la página web y reemplazó en enero de 2011 a la serie de Notas de Opinión del Personal Técnico del FMI.

Banks and Banking --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- International Investment --- Long-term Capital Movements --- Multinational Firms --- International Business --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International economics --- Currency --- Foreign exchange --- Banking --- Monetary economics --- Capital controls --- Capital inflows --- Currencies --- Capital movements --- Banks and banking --- Money --- Colombia

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With rising financial integration, the magnitude and swings in capital flows have increased in the past two decades, intensifying the policy debate on how best to deal with these flows. This paper assesses the use and effectiveness of capital controls in limiting inflow surges. Using a novel dataset on capital control changes across 40 advanced and emerging market and developing economies over 1995-2018, we find that the tightening of capital controls reduces the probability of future surges both at the aggregate and the asset flow levels. The results are robust to various definitions of surges and are stronger when controls are matched to the asset class they target. Finally, we also find significant multilateral spillovers from capital control actions, pointing towards the need for international cooperation in the use of these policies.

Macroeconomics --- Economics: General --- Exports and Imports --- Current Account Adjustment --- Short-term Capital Movements --- Financial Crises --- Financial Institutions and Services: Government Policy and Regulation --- International Investment --- Long-term Capital Movements --- Economic & financial crises & disasters --- Economics of specific sectors --- International economics --- Capital controls --- Balance of payments --- Currency crises --- Informal sector --- Economics --- Capital movements

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With rising financial integration, the magnitude and swings in capital flows have increased in the past two decades, intensifying the policy debate on how best to deal with these flows. This paper assesses the use and effectiveness of capital controls in limiting inflow surges. Using a novel dataset on capital control changes across 40 advanced and emerging market and developing economies over 1995-2018, we find that the tightening of capital controls reduces the probability of future surges both at the aggregate and the asset flow levels. The results are robust to various definitions of surges and are stronger when controls are matched to the asset class they target. Finally, we also find significant multilateral spillovers from capital control actions, pointing towards the need for international cooperation in the use of these policies.

Macroeconomics --- Economics: General --- Exports and Imports --- Current Account Adjustment --- Short-term Capital Movements --- Financial Crises --- Financial Institutions and Services: Government Policy and Regulation --- International Investment --- Long-term Capital Movements --- Economic & financial crises & disasters --- Economics of specific sectors --- International economics --- Capital controls --- Balance of payments --- Currency crises --- Informal sector --- Economics --- Capital movements