Kiel Working Papers, Kiel Institute for World Economics
No 933:
The Effectiveness of Capital Controls ; The Case of Slovenia
Claudia M. Buch and Elke Hanschel
Abstract: Similar to Chile in the 1990s, Slovenia has introduced an
unremunerated reserve requirement (URR) on financial credits in 1995. We
find that the URR has not been effective in reducing overall inflows of
foreign capital. Hence, the gain in monetary autonomy has been limited.
While the overall structure of capital inflows has not differed decidedly
from that of other transition economies, Slovenia has raised less
short-term bank credit from abroad. Moreover, there are indications that
the volatility of exchange rates has declined after the imposition of the
URR while the volatility of capital flows has increased.
Keywords: Slovenia, capital controls; (follow links to similar papers)
JEL-Codes: F21; F32; F36; (follow links to similar papers)
39 pages, June 1999
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