Capital-Account Liberalization, the Cost of Capital, and Economic Growth
نویسندگان
چکیده
منابع مشابه
Capital Account Liberalization, The Cost of Capital, and Economic Growth
Capital-account liberalization was once seen as an inevitable step along the path to economic development for poor countries. Liberalizing the capital account, it was said, would permit financial resources to flow from capitalabundant countries, where expected returns were low, to capital-scarce countries, where expected returns were high. The flow of resources into the liberalizing countries w...
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We examine the impact of capital account policies on FDI inflows. Using an annual panel dataset of 83 developing and developed countries for 1984-2000, we find that capital account openness is positively but only very moderately associated with the amount of FDI inflows after controlling for other macroeconomic and institutional measures. To a large extent, other country characteristics seem to...
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For three years after developing countries open their stock markets to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of seven. No such increase occurs in a control group of developing countries that do not liberalize. The temporary increase in the growth rate of the real wage permanently drives up the level of avera...
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Empirical growth equations are typically explained by (i) the history of the exchange rate regimes, (ii) capital market liberalization regimes, and (iii) actual balance of payments crises. The literature on the effects of policy switches on growth typically ignores the effect of policy on the likelihood of crises, and, in turn, the effect of crises on growth. It ignored a key explanatory variab...
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The first part of this paper examines the theoretical and empirical case for full capital account liberalisation in developing countries(DCs) and finds it unconvincing. Indeed, analysis and evidence presented here point to a compelling case against it. The second part considers the liberalisation of only the long-term capital account, particularly FDI a form of in-flow favoured by most economis...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2003
ISSN: 0002-8282
DOI: 10.1257/000282803321946868