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A Simple Measure of the Intensity of Capital Controls

Francis Warnock and Hali Edison ()

No 01/180, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: Emerging markets; International financial markets; international financial liberalization, openness, portfolio investment, foreign ownership, capital controls, foreign ownership restrictions, cost of capital, (search for similar items in EconPapers)
Date: 2001-11-01
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Journal Article: A simple measure of the intensity of capital controls (2003) Downloads
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