When does capital account liberalization help more than it hurts?:
In this paper we reconsider the evidence on capital account liberalization and growth. While we find indications of a positive association, the effects vary with time, with how capital account liberalization is measured, and with how the relationship is estimated. The evidence that the effects of ca...
Gespeichert in:
| Hauptverfasser: | , , |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2001
|
| Schriftenreihe: | NBER working paper series
8414 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | In this paper we reconsider the evidence on capital account liberalization and growth. While we find indications of a positive association, the effects vary with time, with how capital account liberalization is measured, and with how the relationship is estimated. The evidence that the effects of capital account liberalization are stronger in high-income countries is similarly fragile. There is some evidence that the positive growth effects of liberalization are stronger in countries with strong institutions, as measured by standard indicators of the rule of law, but only weak evidence that the benefits grow with a country's financial depth and development. We find more evidence of a correlation between capital account liberalization and growth when we allow the effect to vary with other dimensions of openness. There are two interpretations of this finding, one in terms of the sequencing of trade and financial liberalization, the other in terms of the need to eliminate major macroeconomic imbalances before opening the capital account. By and large our results support the second interpretation. |
| Beschreibung: | 32 S. |
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| 520 | |a In this paper we reconsider the evidence on capital account liberalization and growth. While we find indications of a positive association, the effects vary with time, with how capital account liberalization is measured, and with how the relationship is estimated. The evidence that the effects of capital account liberalization are stronger in high-income countries is similarly fragile. There is some evidence that the positive growth effects of liberalization are stronger in countries with strong institutions, as measured by standard indicators of the rule of law, but only weak evidence that the benefits grow with a country's financial depth and development. We find more evidence of a correlation between capital account liberalization and growth when we allow the effect to vary with other dimensions of openness. There are two interpretations of this finding, one in terms of the sequencing of trade and financial liberalization, the other in terms of the need to eliminate major macroeconomic imbalances before opening the capital account. By and large our results support the second interpretation. | ||
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| id | DE-604.BV013921647 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:54:27Z |
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| language | English |
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| physical | 32 S. |
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| spelling | Arteta, Carlos Verfasser aut When does capital account liberalization help more than it hurts? Carlos Arteta ; Barry Eichengreen ; Charles Wyplosz Cambridge, Mass. National Bureau of Economic Research 2001 32 S. txt rdacontent n rdamedia nc rdacarrier NBER working paper series 8414 In this paper we reconsider the evidence on capital account liberalization and growth. While we find indications of a positive association, the effects vary with time, with how capital account liberalization is measured, and with how the relationship is estimated. The evidence that the effects of capital account liberalization are stronger in high-income countries is similarly fragile. There is some evidence that the positive growth effects of liberalization are stronger in countries with strong institutions, as measured by standard indicators of the rule of law, but only weak evidence that the benefits grow with a country's financial depth and development. We find more evidence of a correlation between capital account liberalization and growth when we allow the effect to vary with other dimensions of openness. There are two interpretations of this finding, one in terms of the sequencing of trade and financial liberalization, the other in terms of the need to eliminate major macroeconomic imbalances before opening the capital account. By and large our results support the second interpretation. Capital controls Capital market State supervision Capital movements Free trade Eichengreen, Barry 1952- Verfasser (DE-588)121986012 aut Wyplosz, Charles 1947- Verfasser (DE-588)128432640 aut Erscheint auch als Online-Ausgabe NBER working paper series 8414 (DE-604)BV002801238 8414 http://papers.nber.org/papers/w8414.pdf kostenfrei Volltext |
| spellingShingle | Arteta, Carlos Eichengreen, Barry 1952- Wyplosz, Charles 1947- When does capital account liberalization help more than it hurts? NBER working paper series Capital controls Capital market State supervision Capital movements Free trade |
| title | When does capital account liberalization help more than it hurts? |
| title_auth | When does capital account liberalization help more than it hurts? |
| title_exact_search | When does capital account liberalization help more than it hurts? |
| title_full | When does capital account liberalization help more than it hurts? Carlos Arteta ; Barry Eichengreen ; Charles Wyplosz |
| title_fullStr | When does capital account liberalization help more than it hurts? Carlos Arteta ; Barry Eichengreen ; Charles Wyplosz |
| title_full_unstemmed | When does capital account liberalization help more than it hurts? Carlos Arteta ; Barry Eichengreen ; Charles Wyplosz |
| title_short | When does capital account liberalization help more than it hurts? |
| title_sort | when does capital account liberalization help more than it hurts |
| topic | Capital controls Capital market State supervision Capital movements Free trade |
| topic_facet | Capital controls Capital market State supervision Capital movements Free trade |
| url | http://papers.nber.org/papers/w8414.pdf |
| volume_link | (DE-604)BV002801238 |
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