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IEA-BCU Roundtable on “Capital Flows, Capital Controls and Monetary Policy”, Session on Capital controls in the macroeconomic toolkit Montevideo, 7-8 December 2013. Chartpack. Jose Luis Escrivá BIS Chief Representative for the Americas

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  1. IEA-BCU Roundtable on “Capital Flows, Capital Controls and Monetary Policy”, Session on Capital controls in the macroeconomic toolkit Montevideo, 7-8 December 2013 Chartpack • Jose Luis Escrivá • BIS Chief Representative for the Americas • The views expressed in this presentation are my own and not necessarily those of the BIS.

  2. The new case for capital controls 2

  3. Global financial conditions and capital flows are closely related, especially in stress situations 3 Restricted

  4. 4 Restricted

  5. IMF Framework (2012) 5

  6. Brazil – IOF – Rate timeline Obs: No chanhe sonce Jun, 2013 Source: Ministry of Finance of Brazil ` 12

  7. IOF - Apparent effects Dec 2012: Up to 12m Mar 2012: Up to 60m Apr 2011: Up to 24m Jun 2012: Up to 24m 7

  8. Issuance of corporate debt has been increasing significantly, until2013.Q3 • Use of offshore affiliates creates hidden vulnerabilities. From bank to debt financing 8 Restricted

  9. Costs associated to capital controls should be assessed in Latam against a backdrop of low and decreasing savings. Reliance on external financing is guaranteed for meny years 9 Restricted

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