Are Capital Controls Effective in the 21st Century? The Recent Experience of Colombia PDF (Adobe DRM) download by Benedict J. Clements

Are Capital Controls Effective in the 21st Century? The Recent Experience of Colombia

INTERNATIONAL MONETARY FUND
Publication date: June 2004
ISBN: 9781451871777
Digital Book format: PDF (Adobe DRM)

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We develop a methodology to study how the subprime crisis spills over to the real economy. Does it manifest itself primarily through reducing consumer demand or through tightening liquidity constraint on non-financial firms? Since most non-financial firms have much larger cash holding than before, they appear unlikely to face significant liquidity constraint. We propose a methodology to estimate these two channels of spillovers. We first propose an index of a firm's sensitivity to consumer demand, based on its response to the 9/11 shock in 2001. We then construct a separate firm-level index on financial constraint based on Whited and Wu (2006). We find that both channels are at work, but a tightened liquidity squeeze is economically more important than a reduced consumer spending in explaining cross firm differences in stock price declines.
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