Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows / Mahir Binici, Michael Hutchison, Martin Schindler.

Format:

Book

Government document

Author/Creator:

Binici, Mahir.

Contributor:

Hutchison, Michael.

Schindler, Martin.

International Monetary Fund. Research Department.

Series:

IMF Working Papers; Working Paper ; No. 2009/208

IMF Working Papers

Language:

English

Subjects (All):

Capital movements--Government policy.

Capital movements.

International business enterprises.

Physical Description:

32 p. : ill.

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2009.

Language Note:

English

Summary:

How effective are capital account restrictions? We provide new answers based on a novel panel data set of capital controls, disaggregated by asset class and by inflows/outflows, covering 74 countries during 1995-2005. We find the estimated effects of capital controls to vary markedly across the types of capital controls, both by asset categories, by the direction of flows, and across countries' income levels. In particular, both debt and equity controls can substantially reduce outflows, with little effect on capital inflows, but only high-income countries appear able to effectively impose debt (outflow) controls. The results imply that capital controls can affect both the volume and the composition of capital flows.

Contents:

Intro

Table of Contents

I. Introduction

II. Literature Review

A. Individual Country Studies

B. Multi-Country Studies

III. Data and Methodology

A. The Basic Framework

B. Control Variables: Determinants of Capital Flows

IV. Results

A. Reference Results

B. Asset Categories

C. Inflows versus Outflows

D. Composition of Capital Flows

V. Extensions

VI. Conclusion

Tables

1. Descriptive Statistics

2. Aggregate Capital Flows and Controls

3. Disaggregated Capital Flows and Controls

4. Disaggregated Capital Flows and Controls: Composition Effects

5. Disaggregated Capital Flows and Simultaneous Inflow and Outflow Controls

6. Disaggregated Capital Flows, Controls and Country Groups

7. Disaggregated Capital Flows and Contemporaneous and Lagged

Figures

1. International Financial Integration, 1970-2006

2. The Composition of Capital Controls (sample average)

3. The Composition of Capital Controls (country level)

Appendix Tables

A1. List of Countries in the Data set

A2. Data Description and Sources

A3. Disaggregated Capital Flows and Controls

A4. Disaggregated Capital Flows and Controls: Country and Time FE

References.

Notes:

"September 2009."

Description based on print version record.

ISBN:

9786612844140

9781462392087

1462392083

9781452732909

1452732906

9781282844148

1282844148

9781451873559

1451873557

OCLC:

649701558