Capital Account Liberalization and Economic Performance: Survey and Synthesis

Hali Edison (), Michael Klein, Luca Ricci and Torsten Sloek
Authors registered in the RePEc Author Service: Torsten Slok ()

No 9100, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: F32 F33 (search for similar items in EconPapers)
Date: 2002-08
New Economics Papers: this item is included in nep-ifn and nep-mfd
Note: EFG IFM
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Citations: View citations in EconPapers (179)

Published as Hali J. Edison & Michael W. Klein & Luca Antonio Ricci & Torsten Sløk, 2004. "Capital Account Liberalization and Economic Performance: Survey and Synthesis," IMF Staff Papers, Palgrave Macmillan Journals, vol. 51(2), pages 2.

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Related works:
Journal Article: Capital Account Liberalization and Economic Performance: Survey and Synthesis (2004)
Working Paper: Capital Account Liberalization and Economic Performance: Survey and Synthesis (2002)
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