Franklin

A Simple Measure of the Intensity of Capital Controls [electronic resource] Warnock, Francis E..

Author/Creator:
Warnock, Francis E.
Publication:
Washington, D.C. : International Monetary Fund, 2001.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 01/180.
IMF Working Papers; Working Paper No. 01/180
Format/Description:
Government document
Book
1 online resource (33 p.)
Local subjects:
Capital account liberalization.
Capital account restrictions.
Capital controls.
Capital flows.
Capital gains.
Capital inflows.
Capital markets.
Cost of capital.
Direct investment.
Emerging markets.
Equity capital.
Equity flows.
Equity inflows.
Equity investment.
Equity prices.
Equity returns.
Foreign assets.
Foreign investment.
Foreign investors.
Foreign ownership.
Foreign ownership restrictions.
Foreign securities.
Global stocks.
International Financial Markets.
International investors.
Outstanding shares.
Portfolio investment.
Stock market.
Korea, Republic of.
Malaysia.
Thailand.
Summary:
We present a readily available monthly measure of the intensity of capital controls across 29 emerging market countries that is based on the degree of restrictions on foreign ownership of equities. The initial opening of a market as given by our measure corresponds well with the liberalization dates of Bekaert and Harvey (2000a). In addition, our measure provides information on the extent of the initial opening as well as the evolution of the liberalization over time. After presenting the measure, we compare it to other existing measures of capital controls and briefly describe empirical applications concerning home bias, capital flows to emerging markets, and the effects of financial liberalization on the cost of capital.
Notes:
Description based on print version record.
Contributor:
Edison, Hali J.
Warnock, Francis E.
Other format:
Print Version:
ISBN:
1451859112:
9781451859119
ISSN:
1018-5941
Publisher Number:
10.5089/9781451859119.001
Access Restriction:
Restricted for use by site license.
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