Capital account liberalization in Chile
Abstract
The article discusses the removing restrictions experience on the capital account in Chile. The main stages of the financial liberalization policy are highlighted. The author has analyzed the crisis periods that caused by the external financial sector in the condition of financial openness. The main steps of the Chilean government to improve the macroeconomic and institutional environment are considered. The conclusion is made about the importance of a good macroeconomic and institutional environment while increasing financial openness.
Keywords
management, public administration, forms of entrepreneurship, business processes, market economy
References
- Балюк И.А. О проблеме роста внешней задолженности в условиях глобализации мировой экономики // Научно-исследовательский финансовый институт. Финансовый журнал. 2017. № 4 (33).
- Иванова С.В., Раков И.Д. Финансовая либерализация в Мексике: этапы, механизмы, последствия // Экономика и предпринимательство. 2021. № 8 (133).
- Кабир Л.С., Яковлев И.А., Савинский С.П., Никулина С.И., Раков И.Д. Преимущества и угрозы режима плавающего валютного курса // Национальные интересы: приоритеты и безопасность. 2015. Т. 11, № 41 (326).
- Навой А.В. Концепция валютно-финансового регулирования национальной экономики в условиях нестабильности глобальных финансов // Научно-исследовательский финансовый институт. Финансовый журнал. 2018. № 1.
- Раков И.Д. Анализ финансовой либерализации в Индонезии: подход SVAR // Актуальные проблемы экономики и права. 2021. Т. 16, № 4.
- Раков И.Д. Аспекты функционирования банковской системы Китая // Китай в мировой экономике и международном бизнесе: сб. науч. ст. Междунар. науч.-практ. конф. / под ред. Р.И. Хасбулатова. М., 2019.
- Раков И.Д. Валютная либерализация и ее влияние на экономику России // Экономика и предпринимательство. 2016. № 10-1 (75).
- Раков И.Д. Теоретические концепции финансовой либерализации // Финансы и кредит. 2019. Т. 25, № 8 (788).
- Смыслов Д.В. История отношений России с международными финансовыми организациями // История новой России. URL: http://www.ru-90.ru/node/1215.
- Стратегия развития финансового рынка до 2030 года Минфина России и Банка России // Банк России. 2021. URL: https://cbr.ru/press/event/?id=12197.
- Хасбулатов Р.И. Закат рыночного фундаментализма. Теории, политика, конфликты: монография: в 4 т. Т. 1. М., 2017.
- Accession of Chile to the OECD. Review of international investment policies. OECD, 2019. URL: https://www.oecd.org/industry/inv/49846624.pdf.
- Berstein S., Marcel M. Sistema Financiero En Chile: Lecciones de la Historia Reciente [Электронный ресурс] / Banco Central de Chile. 2019. URL: https://si2.bcentral.cl/public/pdf/documentos-politica-economica/pdf/dpe67.pdf.
- Carriere-Swallow M.Y., Garcia-Silva M.P. Capital Account Policies in Chile Macro-financial considerations along the path to liberalization. International Monetary Fund, 2013. URL: https://www.imf.org/external/pubs/ft/wp/2013/wp13107.pdf.
- Carvalho B.S.M., Garcia M.G.P. Ineffective controls on capital inflows under sophisticated financial markets: Brazil in the nineties // Financial Markets Volatility and Performance in Emerging Markets. Chicago, 2008. URL: http://www.nber.org/chapters/c4774.pdf.
- Chile signs up as first OECD member in South America // Organisation for Economic Co-operation and Development. 2010. URL: https://www.oecd.org/newsroom/chilesignsupasfirstoecdmemberinsouthamerica.htm.
- Chile: Financial System Stability Assessment. IMF Country Report No. 11/261. Washington, 2011. URL: https://www.imf.org/en/Publications/CR/Issues/2016/12/31/Chile-Financial-System-Stability-Assessment-25192.
- Chile’s accession to the OECD // Organisation for Economic Co-operation and Development. URL: https://www.oecd.org/chile/chilesaccessiontotheoecd.htm.
- Cowan K., De Gregorio J. International borrowing, capital controls, and the exchange rate: lessons from Chile // Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences. Chicago, 2007. URL: http://www.nber.org/chapters/c0154.
- Echeverria C., Darbar M.S.M., Johnston M.R.B. Sequencing capital account liberalization: lessons from the experiences in Chile, Indonesia, Korea, and Thailand. International Monetary Fund, 1997. URL: https://www.imf.org/external/pubs/ft/wp/wp97157.pdf.
- Fischer S. Capital Account Liberalization and the Role of the IMF / Stanley Fischer. Hong Kong, 1997. URL: https://piie.com/fischer/pdf/Fischer141.pdf.
- Fuentes R., Basch M. Determinantes de los spreads bancarios: El caso de Chile / Departamento de Economía Universidad de Chile. Washington, 1998. № 329. URL: https://www.researchgate.net/profile/Rodrigo-Fuentes-10/publication/23531185_Determinantes_de_los_spreads_bancarios_El_caso_de_Chile/links/0deec5231fc6a8a839000000/Determinantes-de-los-spreads-bancarios-El-caso-de-Chile.pdf.
- Goeltom M.S. Capital flows in Indonesia: challenges and policy responses // Financial globalisation and emerging market capital flows. 2008. Vol. 44.
- Hernández L., Parro F. Economic reforms, financial development and growth: Lessons from the Chilean experience // Cuadernos de economía. 2008. Т. 45, № 131. URL: https://scielo.conicyt.cl/pdf/cecon/v45n131/art03.pdf.
- Marshall E. La apertura financiera en Chile y el comportamiento de los bancos transnacionales. Santiago, 1990. URL: https://repositorio.cepal.org/bitstream/handle/11362/9145/S8900252_es.pdf.
- Meller P. The Chilean trade liberalization and export expansion process (1974—90) // Trade Policy and Industrialization in Turbulent Times / ed. by G. Helleiner. London, 1994.
- Minuta explicative Comentarios recibidos en consulta pública / Banco Central de Chile. URL: https://www.bcentral.cl/documents/33528/133208/Minuta_explicativa_modificacion_Cap_I_CNCI.pdf/c08e928e-ae76-3104-098c-7572fbc0acf6?t=1609184391010.
- Obstfeld M. The global capital market: benefactor or menace? // Journal of economic perspectives. 1998. Т. 12, № 4.
- Reinstein A., Rosende F. Reforma financiera en Chile // La transformación económica de Chile. Santiago de Chile, 2000. URL: https://www.cepchile.cl/cep/site/artic/20160304/asocfile/20160304093217/09_rosende.pdf.
- Roadmap for the accession of Chile to the OECD convention (adopted by the Council at its 1163rd session on 30 November 2007) / Organisation for Economic Co-operation and Development. 2007. URL: https://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?doclanguage=en&cote=C%282007%29100/final&_x_tr_sl=en&_x_tr_tl=ru&_x_tr_hl=ru&_x_tr_pto=nui.
- Sistema Financiero En Chile: Lecciones de la Historia Reciente / Berstein S., Marcel M. Banco Central de Chile. 2019. URL: https://si2.bcentral.cl/public/pdf/documentos-politica-economica/pdf/dpe67.pdf.
- SISTEMA FINANCIERO Y CRECIMIENTO ECONÓMICO EN CHILE / Leonardo Hernández, Fernando Parro. Banco Central de Chile. 2004. № 291. URL: https://dialnet.unirioja.es/servlet/articulo?codigo=1064736.
- Stiglitz J.E. Capital market liberalization, economic growth, and instability // World development. 2000. Т. 28, № 6.
- The Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER). Washington, 2002. URL: https://www.elibrary-areaer.imf.org/Documents/YearlyReport/AREAER_2001.pdf.
- The Central Bank of Chile authorizes the use of the Chilean Peso in cross-border transactions // The Central Bank of Chile. 2020. URL: https://www.bcentral.cl/en/content/-/details/the-central-bank-of-chile-authorizes-the-use-of-the-chilean-peso-in-cross-border-transactions.
