The Effectiveness of Capital Controls - The Case of Slovenia

Claudia Buch and Elke Hanschel

No 933, Kiel Working Papers from Kiel Institute for the World Economy (IfW Kiel)

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 (search for similar items in EconPapers)
JEL-codes: F21 F32 F36 (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (3)

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Journal Article: The Effectiveness of Capital Controls: The Case of Slovenia (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:933

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