Initial Evidence from a New Database on Capital Market Restrictions
AbstractOne of the key obstacles to the empirical analysis of capital controls has been the unavailability of a detailed set of indicators for controls that cover a broad set of countries over a range of years. In this paper, we propose a new set of indicators derived from the Annual Reports on Exchange Arrangements and Export Restrictions. Contrary to most earlier attempts to construct control indicators from this source, our set of indices allows one to analyze the control intensity separately for inflow, outflow and repatriation controls. An additional set of indicators features information on the institutional design of controls. At first glance, the data show that the financial crisis caused a surge in capital market restrictions, most notably concerning the derivatives market. This reflex, which is not justified by the scarce empirical evidence on the success of controls, shows the importance of having a valid measure to allow an econometrically sound policy evaluation in this field. The data are available from the author upon request.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.
Volume (Year): 59 (2012)
Issue (Month): 3 (June)
Contact details of provider:
Web page: http://www.panoeconomicus.rs/
Capital controls; Database;
Find related papers by JEL classification:
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jarita Duasa & Paul Mosley, 2006.
"Capital Controls Re-examined: The Case for 'Smart' Controls,"
The World Economy,
Wiley Blackwell, vol. 29(9), pages 1203-1226, 09.
- Paul Mosley & Jarita Duasa, 2005. "Capital controls re-examined: the case for ‘smart’ controls," Working Papers 2005009, The University of Sheffield, Department of Economics, revised Jun 2005.
- Areendam Chanda, 2002.
"The Influence of Capital Controls on Long Run Growth: Where and How Much?,"
International Finance, EconWPA
- Chanda, Areendam, 2005. "The influence of capital controls on long run growth: Where and how much?," Journal of Development Economics, Elsevier, vol. 77(2), pages 441-466, August.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2004.
"The Modern History of Exchange Rate Arrangements: A Reinterpretation,"
The Quarterly Journal of Economics, MIT Press,
MIT Press, vol. 119(1), pages 1-48, February.
- Reinhart, Carmen & Rogoff, Kenneth, 2004. "The modern history of exchange rate arrangements: A reinterpretation," MPRA Paper 14070, University Library of Munich, Germany.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2002. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," NBER Working Papers 8963, National Bureau of Economic Research, Inc.
- Duane Swank, 1998. "Funding the Welfare State: Globalization and the Taxation of Business in Advanced Market Economies," Political Studies, Political Studies Association, vol. 46(4), pages 671-692, 09.
- Dennis P. Quinn & A. Maria Toyoda, 2008. "Does Capital Account Liberalization Lead to�Growth?," Review of Financial Studies, Society for Financial Studies, vol. 21(3), pages 1403-1449, May.
- Martin Schindler, 2009. "Measuring Financial Integration: A New Data Set," IMF Staff Papers, Palgrave Macmillan, vol. 56(1), pages 222-238, April.
- Hali J. Edison & Michael W. Klein & Luca Ricci & Torsten Sloek, 2002.
"Capital Account Liberalization and Economic Performance: Survey and Synthesis,"
NBER Working Papers
9100, National Bureau of Economic Research, Inc.
- Hali J. Edison & Michael W. Klein & Luca Antonio Ricci & Torsten SlÃ¸k, 2004. "Capital Account Liberalization and Economic Performance: Survey and Synthesis," IMF Staff Papers, Palgrave Macmillan, vol. 51(2), pages 2.
- Lieven Baele, 2004. "Measuring European Financial Integration," Oxford Review of Economic Policy, Oxford University Press, vol. 20(4), pages 509-530, Winter.
- Makram El-Shagi, 2010. "Capital controls and international interest rate differentials," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 42(6), pages 681-688.
- Jacques Miniane, 2004. "A New Set of Measures on Capital Account Restrictions," IMF Staff Papers, Palgrave Macmillan, vol. 51(2), pages 4.
- Makram El-Shagi & Axel Lindner & Gregor von Schweinitz, 2014. "Real Effective Exchange Rate Misalignment in the Euro Area: A Counterfactual Analysis," IWH Discussion Papers, Halle Institute for Economic Research 6, Halle Institute for Economic Research.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ivana Horvat) The email address of this maintainer does not seem to be valid anymore. Please ask Ivana Horvat to update the entry or send us the correct address.
If references are entirely missing, you can add them using this form.