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,...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Prati, Alessandro, 1961- (Autor), Schindler, Martin, 1971- (Autor), Valenzuela, Patricio (Autor)
Autor Corporativo: International Monetary Fund. Research Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, ©2009.
Colección:IMF working paper ; WP/09/210.
Temas:
Capital movements.
Mouvements de capitaux.
Capital movements
Kapitalbilanz.
Kapitalverkehrspolitik.
Kapitalmarktliberalisierung.
Acceso en línea:Texto completo

MARC

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100 1 |a Prati, Alessandro,  |d 1961-  |e author.  |1 https://id.oclc.org/worldcat/entity/E39PBJjtc8KbvRbQMBJqkD4H4q 
245 1 0 |a Who benefits from capital account liberalization? :  |b evidence from firm-level credit ratings data /  |c prepared by Alessandro Prati, Martin Schindler, and Patricio Valenzuela. 
260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c ©2009. 
300 |a 1 online resource (34 pages) 
336 |a text  |b txt  |2 rdacontent 
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490 1 |a IMF working paper,  |x 2227-8885 ;  |v WP/09/210 
504 |a Includes bibliographical references (pages 31-34). 
588 0 |a Print version record. 
520 3 |a 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. 
506 |3 Use copy  |f Restrictions unspecified  |2 star  |5 MiAaHDL 
533 |a Electronic reproduction.  |b [Place of publication not identified] :  |c HathiTrust Digital Library,  |d 2011.  |5 MiAaHDL 
538 |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.  |u http://purl.oclc.org/DLF/benchrepro0212  |5 MiAaHDL 
583 1 |a digitized  |c 2011  |h HathiTrust Digital Library  |l committed to preserve  |2 pda  |5 MiAaHDL 
505 0 |a Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Related Literature; III. Data; Table 1. Bond Ratings and Spreads; Table 2. Bond Ratings Scale; Table 3. Data Summary and Descriptive Statistics; IV. Empirical Analysis and Main Results; A. Baseline regressions; Table 4. Capital Account Restrictions, Foreign Currency Access and Corporate Ratings; B. Narrowing down the channels; Table 5. Narrowing Down the Channels; Table 6. Foreign Currency Access and Export Surrender Requirements; Table 7. Total Coefficients based on Column 1, Table 6; V. Robustness. 
505 8 |a A. Alternative measures of nontradabilityTable 8. Alternative Measures of Nontradability; B. Direct versus indirect effects of capital controls; Table 9. The Sovereign Ratings Channel; C. Structural reforms and macroeconomic conditions; Table 10. Alternative Structural Reforms; Table 11. Alternative Macroeconomic Control Variables; D. Capital controls measures and other robustness checks; Table 12. Alternative Capital Account Measures; VI. Conclusions; References; Footnotes. 
546 |a English. 
590 |a ProQuest Ebook Central  |b Ebook Central Academic Complete 
650 0 |a Capital movements. 
650 6 |a Mouvements de capitaux. 
650 7 |a Capital movements  |2 fast 
650 7 |a Kapitalbilanz.  |2 stw 
650 7 |a Kapitalverkehrspolitik.  |2 stw 
650 7 |a Kapitalmarktliberalisierung.  |2 stw 
700 1 |a Schindler, Martin,  |d 1971-  |e author.  |1 https://id.oclc.org/worldcat/entity/E39PBJjxqjtCpQ4B6vfYVKQDv3 
700 1 |a Valenzuela, Patricio,  |e author. 
710 2 |a International Monetary Fund.  |b Research Department. 
758 |i has work:  |a Who benefits from capital account liberalization? (Text)  |1 https://id.oclc.org/worldcat/entity/E39PCFXy3MD7rTVfVvWvtdy3HC  |4 https://id.oclc.org/worldcat/ontology/hasWork 
776 0 8 |i Print version:  |a Prati, Alessandro, 1961-  |t Who benefits from capital account liberalization?  |d [Washington, D.C.] : International Monetary Fund, ©2009  |w (OCoLC)528659480 
830 0 |a IMF working paper ;  |v WP/09/210. 
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