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
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Objekttyp
- Arbeitspapier
Beteiligte
- Ramsay Bush, Georgia
- Banco de México
Entstanden
- 2018
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