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

Author
Edison, Hali J. [Browse]
Format
Book
Language
English
Published/​Created
Cambridge, MA : National Bureau of Economic Research, 2002.
Description
1 online resource (42, 10 unnumbered pages) : illustrations.

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Subject(s)
Series
Working paper series (National Bureau of Economic Research) ; Number 9100. [More in this series]
Summary note
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.
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