Arbeitspapier
Financial openness, policy vs. realized outcomes
This paper examines how the 1990s capital account liberalization policy trend affected international capital flows, and tests a new hypothesis that the depth and efficiency of the domestic financial system impacts the efficacy of capital account policy. The paper exploits a recently published IMF database on financial development that spans the period 1980-2014 and includes both developing and developed countries. The results confirm that policy on average does not have a significant effect on gross capital flows, when controlling for other factors. I also find no effect on flows disaggregated by type and direction. However, interacting capital account policy and financial development, I do find that for financially developed countries, policy has the expected effect - policy openness leads to capital flows. The implication is that the effectiveness of capital account liberalization requires developing the domestic financial system.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Papers ; No. 2018-04
- Klassifikation
-
Wirtschaft
- Thema
-
financial globalization
financial integration
financial development
capital flows
capital control measures
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Ramsay Bush, Georgia
- Ereignis
-
Veröffentlichung
- (wer)
-
Banco de México
- (wo)
-
Ciudad de México
- (wann)
-
2018
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Ramsay Bush, Georgia
- Banco de México
Entstanden
- 2018
Ähnliche Objekte (12)
Distributional policy effects with many treatment outcomes
Stability of equilibrium outcomes under deferred acceptance: Acyclicity and dropping strategies
Nurture vs. nurture: Endogenous parental and peer effects and the transmission of culture
Stimulus vs. austerity vs. default
Labor market consequences of trade openness and competition in foreign markets
Labor heterogeneity and the pattern of trade
Decisiones financieras, competencia en el mercado y desempeño de las empresas: Evidencia emprica para Iberoamerica
Price-setting in Mexico and the real effects of monetary shocks
The role of credit on the evolution of wealth inequality in the USA
Forecasting short-run inflation volatility using futures prices: An empirical analysis from a value at risk perspective
Measuring the cost of U.S. housing policy
Around-the-clock USD/MXN volatility: Macroeconomic announcement spillovers and FX market intervention mechanisms
Distributional policy effects with many treatment outcomes
Stability of equilibrium outcomes under deferred acceptance: Acyclicity and dropping strategies
Nurture vs. nurture: Endogenous parental and peer effects and the transmission of culture
Stimulus vs. austerity vs. default
Labor market consequences of trade openness and competition in foreign markets
Labor heterogeneity and the pattern of trade
Decisiones financieras, competencia en el mercado y desempeño de las empresas: Evidencia emprica para Iberoamerica
Price-setting in Mexico and the real effects of monetary shocks
The role of credit on the evolution of wealth inequality in the USA
Forecasting short-run inflation volatility using futures prices: An empirical analysis from a value at risk perspective
Measuring the cost of U.S. housing policy
Around-the-clock USD/MXN volatility: Macroeconomic announcement spillovers and FX market intervention mechanisms
Distributional policy effects with many treatment outcomes
Stability of equilibrium outcomes under deferred acceptance: Acyclicity and dropping strategies
Nurture vs. nurture: Endogenous parental and peer effects and the transmission of culture
Stimulus vs. austerity vs. default
Labor market consequences of trade openness and competition in foreign markets
Labor heterogeneity and the pattern of trade
Decisiones financieras, competencia en el mercado y desempeño de las empresas: Evidencia emprica para Iberoamerica
Price-setting in Mexico and the real effects of monetary shocks
The role of credit on the evolution of wealth inequality in the USA
Forecasting short-run inflation volatility using futures prices: An empirical analysis from a value at risk perspective
Measuring the cost of U.S. housing policy