Os Efeitos da Abertura Financeira sobre as Restrições de Crédito se Alteram em Períodos de Crises?

Marcio Janot and Daniel Paranhos

No 410, Working Papers Series from Central Bank of Brazil, Research Department

Abstract: This paper tests the impact of financial liberalization on the credit restrictions of a sample of 8,505 public companies from eleven emerging economies during the period 2001-2010 and investigate whether these effects change in times of financial crises. As a measure of financial openness, we use originally the KAOPEN index (Chinn and Ito, 2008). The main findings suggest that firms domiciled in countries with less capital controls have lower restrictions on the financing of investments. However, this positive effect disappeared during the recent financial crisis. In addition, we show that larger firms are also less restricted to credit.

Date: 2015-11
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