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Systemic Banking Crises
Luc LaevenFabian Valencia
其他書名
A New Database
出版International Monetary Fund, 2008-09
主題Business & Economics / GeneralBusiness & Economics / Banks & BankingBusiness & Economics / Finance / Financial Risk ManagementBusiness & Economics / Industries / Financial Services
ISBN14518708259781451870824
URLhttp://books.google.com.hk/books?id=SjsmAQAAMAAJ&hl=&source=gbs_api
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.