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Trade in Financial Services and Capital Movements

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  • Natalia T. Tamirisa

Abstract

International financial liberalization may alter saving-investment imbalances and patterns of capital flows across countries. In a panel of OECD countries for 1990–96, this study examines how the liberalization of capital movements and financial services trade affects net private capital flows. Capital inflows tend to fall (rise) with the liberalization of commercial presence in banking and securities (insurance) services, possibly reflecting an increase (decrease) in saving. Capital account liberalization is found to stimulate capital inflows, suggesting that better access to external financing helps sustain larger fiscal and current account deficits. When cross-border trade is liberalized, capital flows change insignificantly.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/89.

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Length: 22
Date of creation: 01 Jul 1999
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Handle: RePEc:imf:imfwpa:99/89

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  1. Donald J. Mathieson & Liliana Rojas-Suárez, 1992. "Liberalization of the Capital Account," IMF Working Papers, International Monetary Fund 92/46, International Monetary Fund.
  2. Michael P. Dooley, 1996. "A Survey of Literature on Controls over International Capital Transactions," IMF Staff Papers, Palgrave Macmillan, vol. 43(4), pages 639-687, December.
  3. Natalia T. Tamirisa, 1998. "Exchange and Capital Controls As Barriers to Trade," IMF Working Papers, International Monetary Fund 98/81, International Monetary Fund.
  4. Bradley J. McDonald & Geoffrey J. Bannister & Natalia T. Tamirisa & Piritta Sorsa & Jaroslaw Wieczorek, 2000. "Trade Policy in Financial Services," IMF Working Papers, International Monetary Fund 00/31, International Monetary Fund.
  5. J. A. Hausman, 1976. "Specification Tests in Econometrics," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 185, Massachusetts Institute of Technology (MIT), Department of Economics.
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  7. Russell Davidson & James G. MacKinnon, 1999. "Artificial Regressions," Working Papers, Queen's University, Department of Economics 978, Queen's University, Department of Economics.
  8. Kouri, Pentti J K & Porter, Michael G, 1974. "International Capital Flows and Portfolio Equilibrium," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(3), pages 443-67, May/June.
  9. R. B. Johnston & Chris Ryan, 1994. "The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries' Balance of Payments," IMF Working Papers, International Monetary Fund 94/78, International Monetary Fund.
  10. Michael Mussa & Giovanni Dell'Ariccia & Barry J. Eichengreen & Enrica Detragiache, 1998. "Capital Account Liberalization," IMF Occasional Papers 172, International Monetary Fund.
  11. Roubini, N. & Sala-i-Martin, X., 1992. "A Growth Model of Inflation, Tax Evasion and Financial Repression," Papers, Yale - Economic Growth Center 658, Yale - Economic Growth Center.
  12. Eliane A. Cardoso & Ilan Goldfajn, 1997. "Capital Flows to Brazil-The Endogeneity of Capital Controls," IMF Working Papers, International Monetary Fund 97/115, International Monetary Fund.
  13. Devenow, Andrea & Welch, Ivo, 1996. "Rational herding in financial economics," European Economic Review, Elsevier, Elsevier, vol. 40(3-5), pages 603-615, April.
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Cited by:
  1. Lupo Pasini, Federico, 2012. "The International Regulatory Regime on Capital Flows and Trade in Services," ADBI Working Papers, Asian Development Bank Institute 338, Asian Development Bank Institute.

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