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Capital Account Liberalization and Economic Performance: Survey and Synthesis
Open accessAbstract
This paper reviews the literature on the effects of capital account liberalization and stock market liberalization on economic growth.The various empirical measures used to gauge the presence of controls on capital account transactions as well as indicators of stock market liberalization are discussed.We compare detailed measures of capital account controls that attempt to capture the intensity of enforcement with others that simply capture whether or not controls are present.Our review of the literature shows the contrasting results that have been obtained.These differences may reflect differences in country coverage, sample periods and indicators of liberalization.In order to reconcile these differences, we present new estimates of the effects on growth of capital account liberalization and stock market liberalization.We find some support for a positive effect of capital account liberalization on growth, especially for developing countries.
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Cites
Economic Reform and the Process of Global Integration
Sachs, J. D., Warner, A., Aslund, A., & Fischer, S. (1995) · Brookings Papers on Economic Activity · doi:10.2307/2534573 · Cited by 4,950
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
The Effect of Fixed Exchange Rates on Monetary Policy
Shambaugh, J. C. (2004) · The Quarterly Journal of Economics · doi:10.1162/003355304772839605 · Cited by 760
Financial integration, productivity and capital accumulation
Bonfiglioli, A. (2008) · Journal of International Economics · doi:10.1016/j.jinteco.2008.08.001 · Cited by 339
On the Growth Effect of Stock Market Liberalizations
Gupta, N., & Yuan, K. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhp001 · Cited by 269
Metadata
- Authors
- Edison, H., Klein, M., Ricci, L., & Sloek, T.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2002-08
- OpenAlex
- W2153554155
- Cited by
- 269
- References
- 1
- Type
- report
- Language
- en
- Open access
- green
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