| Description |
1 online resource (34 pages) |
| Series |
IMF working paper, 2227-8885 ; WP/09/210 |
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IMF working paper ; WP/09/210.
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| Contents |
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 |
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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 |
| Summary |
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 |
| Bibliography |
Includes bibliographical references (pages 31-34) |
| Notes |
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. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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English |
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Print version record |
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digitized 2011 HathiTrust Digital Library committed to preserve pda MiAaHDL |
| Subject |
Capital movements.
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Capital movements
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Kapitalbilanz.
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Kapitalverkehrspolitik.
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Kapitalmarktliberalisierung.
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| Form |
Electronic book
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| Author |
Schindler, Martin, 1971- author.
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Valenzuela, Patricio, author.
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International Monetary Fund. Research Department.
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| ISBN |
9781452759142 |
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1452759146 |
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1451917791 |
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9781451917796 |
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1462390064 |
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9781462390069 |
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9786612844164 |
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6612844167 |
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1282844164 |
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9781282844162 |
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