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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,...
| Cote: | Libro Electrónico |
|---|---|
| Auteurs principaux: | , , |
| Collectivité auteur: | |
| Format: | Électronique eBook |
| Langue: | Inglés |
| Publié: |
[Washington, D.C.] :
International Monetary Fund,
©2009.
|
| Collection: | IMF working paper ;
WP/09/210. |
| Sujets: | |
| Accès en ligne: | Texto completo |
Table des matières:
- 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.
- 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.