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作者 Prati, Alessandro
書名 Who Benefits From Capital Account Liberalization? Evidence From Firm-Level Credit Ratings Data
出版項 Washington : International Monetary Fund, 2009
國際標準書號 9781452759142 (electronic bk.)
book jacket
說明 1 online resource (36 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
系列 IMF Working Papers
IMF Working Papers
附註 Intro -- Contents -- I. Introduction -- II. Related Literature -- III. Data -- IV. Empirical Analysis and Main Results -- A. Baseline regressions -- B. Narrowing down the channels -- V. Robustness -- A. Alternative measures of nontradability -- B. Direct versus indirect effects of capital controls -- C. Structural reforms and macroeconomic conditions -- D. Capital controls measures and other robustness checks -- VI. Conclusions -- References -- Tables -- 1. Bond Ratings and Spreads -- 2. Bond Ratings Scale -- 3. Data Summary and Descriptive Statistics -- 4. Capital Account Restrictions, Foreign Currency Access and Corporate Ratings -- 5. Narrowing Down the Channels -- 6. Foreign Currency Access and Export Surrender Requirements -- 7. Total Coefficients based on Column 1, Table 6 -- 8. Alternative Measures of Nontradability -- 9. The Sovereign Ratings Channel -- 10. Alternative Structural Reforms -- 11. Alternative Macroeconomic Control Variables -- 12. Alternative Capital Account Measures
We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find that capital controls can substantially limit access to, and raise the cost of, foreign currency debt, especially for firms without foreign currency revenues. As an identification strategy, we exploit, via a difference-in-difference approach, within-country variation in firms'' access to foreign currency, measured by whether or not a firm belongs to the nontradables sector. Nontradables firms benefit substantially more from capital account liberalization than others, a finding that is robust to a broad range of alternative specifications
Description based on publisher supplied metadata and other sources
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
鏈接 Print version: Prati, Alessandro Who Benefits From Capital Account Liberalization? Evidence From Firm-Level Credit Ratings Data Washington : International Monetary Fund,c2009 9781451873573
主題 Capital -- Accounting.;Credit ratings
Electronic books
Alt Author Schindler, Martin
Valenzuela, Patricio
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