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A simple measure of the intensity of capital controls
Abstract
We present a readily available monthly measure of the intensity of capital controls across 29 emerging market countries that is based on the degree of restrictions on foreign ownership of equities. The initial opening of a market as given by our measure corresponds well with the liberalization dates of Bekaert and Harvey (2000a). In addition, our measure provides information on the extent of the initial opening as well as the evolution of the liberalization over time. After presenting the measure, we compare it to other existing measures of capital controls and briefly describe empirical applications concerning home bias, capital flows to emerging markets, and the effects of financial liberalization on the cost of capital.
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Citations
Cites
Capital control liberalization and stock market development
Levine, R., & Zervos, S. (1998) · World Development · doi:10.1016/s0305-750x(98)00046-1 · Cited by 489
Cited by
What matters for financial development? Capital controls, institutions, and interactions
Chinn, M. D., & Ito, H. (2006) · Journal of Development Economics · doi:10.1016/j.jdeveco.2005.05.010 · Cited by 2,650
Does financial liberalization spur growth?
BEKAERT, G., HARVEY, C., & LUNDBLAD, C. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.05.007 · Cited by 2,012
CHAN, K., COVRIG, V., & NG, L. (2005) · The Journal of Finance · doi:10.1111/j.1540-6261.2005.768_1.x · Cited by 892
Amihud, Y., Mendelson, H., & Pedersen, L. H. (2005) · Foundations and Trends® in Finance · doi:10.1561/0500000003 · Cited by 820
Financial globalization: A reappraisal
Kose, M. A., Prasad, E., Rogoff, K., & Wei, S.-J. (2009) · IMF Staff Papers · doi:10.1057/imfsp.2008.36 · Cited by 956
Metadata
- Authors
- Edison, H. J., & Warnock, F. E.
- Venue
- Journal of Empirical Finance
- Publisher
- Elsevier BV
- Published
- 2003-02
- Volume
- 10
- Issue
- 1-2
- Pages
- 81-103
- ISSN
- 0927-5398 (ISSN-L)
- OpenAlex
- W2118226002
- Cited by
- 459
- References
- 1
- FWCI
- 64.04
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
