Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data write by Mr.Martin Schindler. This book was released on 2009-09-01. Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data available in PDF, EPUB and Kindle. 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.
IMF Working Papers
IMF Working Papers - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook IMF Working Papers write by Martin Schindler. This book was released on 2009. IMF Working Papers available in PDF, EPUB and Kindle.
Capital Account Liberalization
Capital Account Liberalization - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Capital Account Liberalization write by Peter Blair Henry. This book was released on 2006. Capital Account Liberalization available in PDF, EPUB and Kindle. "Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The lion's share of papers that find no effect of liberalization on real variables tell us nothing about the empirical validity of the theory, because they do not really test it. This paper explains why it is that most studies do not really address the theory they set out to test. It also discusses what is necessary to test the theory and examines papers that have done so. Studies that actually test the theory show that liberalization has significant effects on the cost of capital, investment, and economic growth"--National Bureau of Economic Research web site.
Capital Account Liberalization and Employment
Capital Account Liberalization and Employment - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Capital Account Liberalization and Employment write by Fangfang Hou. This book was released on 2018. Capital Account Liberalization and Employment available in PDF, EPUB and Kindle. How does capital account liberalization impact on firm employment? Using a firm level panel data set that covers over 60 countries between 1982 and 2014, we find a statistically significant effect of capital account liberalization on firm employment. The magnitude of the impact is economically significant. The casual effect is identified through a generalized triple differences identification strategy. We also show that there are substantial heterogeneous effects across countries and firms. The effect is more pronounced for firms in industries that depend more on external finance while weaker for firms in countries with stronger employment protection legislation. Financially constrained firms and younger firms respond more positively to liberalization. Overall, our firm-level evidence from around the world adds support to the benefits of globalization.
Capital Controls and the Cost of Debt
Capital Controls and the Cost of Debt - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Capital Controls and the Cost of Debt write by Eugenia Andreasen. This book was released on 2017-06-09. Capital Controls and the Cost of Debt available in PDF, EPUB and Kindle. Using a panel data set for international corporate bonds and capital account restrictions in advanced and emerging economies, we show that restrictions on capital inflows produce a substantial and economically meaningful increase in corporate bond spreads. A number of heterogeneities suggest that the effect of capital controls on inflows is particularly strong for more financially constrained firms, establishing a novel channel through which capital controls affect economic outcomes. By contrast, we do not find a robust significant effect of restrictions on outflows.
