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Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data
Mr.Martin Schindler
Mr.Patricio Valenzuela
Mr.Alessandro Prati
出版
International Monetary Fund
, 2009-09-01
主題
Business & Economics / Exports & Imports
Business & Economics / Money & Monetary Policy
ISBN
1451873573
9781451873573
URL
http://books.google.com.hk/books?id=8oMYEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find that capital controls can substantially limit access to, and raise the cost of, foreign currency debt, especially for firms without foreign currency revenues. As an identification strategy, we exploit, via a difference-in-difference approach, within-country variation in firms' access to foreign currency, measured by whether or not a firm belongs to the nontradables sector. Nontradables firms benefit substantially more from capital account liberalization than others, a finding that is robust to a broad range of alternative specifications.