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Who benefits from capital account liberalization? : evidence from firm-level credit ratings data /
We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find that capital controls can substantially limit access to, and raise the cost of, foreign currency debt,...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , , |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2009.
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| Colección: | IMF working paper ;
WP/09/210. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find that capital controls can substantially limit access to, and raise the cost of, foreign currency debt, especially for firms without foreign currency revenues. As an identification strategy, we exploit, via a difference-in-difference approach, within-country variation in firms' access to foreign currency, measured by whether or not a firm belongs to the nontradables sector. Nontradables firms benefit substantially more from capital account liberalization than others, a finding that is robust to a broad range of alternative specifications. |
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| Descripción Física: | 1 online resource (34 pages) |
| Bibliografía: | Includes bibliographical references (pages 31-34). |
| ISBN: | 9781452759142 1452759146 1451917791 9781451917796 1462390064 9781462390069 9786612844164 6612844167 1282844164 9781282844162 |
| ISSN: | 2227-8885 ; |