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A Critical Survey of the Literature on the URR in Chile
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abroad ADRs Bank of Chile bias biased Budnevich 1996 capital account capital controls capital outflows central bank changes Chilean cointegration composition of capital controls on capital currency cyclical component differential between Chile domestic interest rates domestic real interest econometric effective exchange rate estimates Eyzaguirre and Schmidt-Hebbel Figure flows in Chile government budget balance increase inflows of capital interest rate differential interest rate parity Laban and Larrain Laurens and Cardoso liberalization of capital LIBOR long-term capital flows macroeconomic monetary authorities monetary policy non-debt creating Ordinary least squares percent of GDP portfolio flows problems proxy ratio of short-term real effective exchange real exchange rate real interest rate reduced regression regressors reviewed studies Sanhueza Schmidt-Hebbel 1997 short-term capital flows short-term debt short-term flows sterilization operations tax rate tightening Tobin tax total capital flows trade credits trend U.S. dollars URR on capital URR on total URR tax Valdes-Prieto and Soto volatility