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Does capital account liberalisation promote economic growth? Evidence from system estimation

Author

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  • Fabrizio Carmignani

    (United Nations Economic Commission for Africa)

Abstract

This paper proposes a three-equations empirical representation of the channels linking capital account liberalization (CAL) and economic growth. System estimates indicate that CAL determines growth through financial development and openness to trade. The residual effect of CAL on growth after accounting for these two channels is negligible. These results call for a reconsideration of the conclusions on the growth-effect of CAL drawn from single-equation empirical models.

Suggested Citation

  • Fabrizio Carmignani, 2008. "Does capital account liberalisation promote economic growth? Evidence from system estimation," Economics Bulletin, AccessEcon, vol. 6(49), pages 1-13.
    • Handle: RePEc:ebl:ecbull:eb-08f30068
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    Citations

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    Cited by:

    1. Jamel Saadaoui, 2015. "Does financial openness explain the increase of global imbalances before the crisis of 2008?," International Economics, CEPII research center, issue 143, pages 23-35.
    2. Jamel Saadaoui, 2011. "Global Imbalances and Capital Account Openness: an Empirical Analysis," CEPN Working Papers halshs-00641456, HAL.
    3. Saadaoui, Jamel, 2012. "Déséquilibres globaux, taux de change d’équilibre et modélisation stock-flux cohérente [Global Imbalances, Equilibrium Exchange Rates and Stock-Flow Consistent Modelling]," MPRA Paper 51332, University Library of Munich, Germany.
    4. Sun, Zhaojun & Xu, Xiaoguang & Yang, Wen, 2022. "Capital account liberalization, external shocks and economic fluctuations of China," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 220-240.
    5. Saadaoui, Jamel, 2011. "Global imbalances and capital account openness: an empirical analysis," MPRA Paper 35453, University Library of Munich, Germany.
    6. Mohamed Ilyes Gritli & Fatma Marrakchi Charfi, 2016. "Capital Account, Institutional Quality, And Economic Growth In Mena Countries: A Gmm Approach," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 11(04), pages 1-23, December.
    7. Jamel Saadaoui, 2013. "Global Imbalances and Capital Account Openness: an Empirical Analysis," Post-Print halshs-00861161, HAL.
    8. Jamel Saadaoui, 2013. "Global Imbalances and Capital Account Openness: An Empirical Analysis," Post-Print hal-02169129, HAL.
    9. Hichem Saidi & Khaled Guesmi & Houssem Rachdi, 2016. "Capital Account Liberalization, Financial Development and Economic Growth in Presence of Structural Breaks and Cross-Section Dependence," Economics Bulletin, AccessEcon, vol. 36(4), pages 2225-2236.

    More about this item

    Keywords

    capital account liberalization;

    JEL classification:

    • F3 - International Economics - - International Finance

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