Capital Account Liberalization and Economic Performance : survey and synthesis / Hali J. Edison.

Format:

Book

Author/Creator:

Edison, Hali J., author.

Series:

Working paper series (National Bureau of Economic Research) ; Number 9100.

Working paper series (National Bureau of Economic Research) ; Number 9100

Language:

English

Subjects (All):

Capital movements.

Capital market.

International finance.

Rate of return.

Economic development.

Physical Description:

1 online resource (42, 10 unnumbered pages) : illustrations.

Place of Publication:

Cambridge, MA : National Bureau of Economic Research, 2002.

Summary:

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.

Notes:

Description based on publisher supplied metadata and other sources.