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Initial Evidence from a New Database on Capital Market Restrictions

  • Makram El-Shagi

    ()

    (University of Mannheim, Germany)

One 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.

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File URL: http://www.panoeconomicus.rs/casopis/2012_3/02%20Shagi.pdf
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Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

Volume (Year): 59 (2012)
Issue (Month): 3 (June)
Pages: 283-292

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Handle: RePEc:voj:journl:v:59:y:2012:i:3:p:283-292
Contact details of provider: Web page: http://www.panoeconomicus.rs/

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  1. Areendam Chanda, 2002. "The Influence of Capital Controls on Long Run Growth: Where and How Much?," International Finance 0201001, EconWPA.
  2. 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.
  3. Makram El-Shagi, 2010. "Capital controls and international interest rate differentials," Applied Economics, Taylor & Francis Journals, vol. 42(6), pages 681-688.
  4. Torsten Sløk & Michael Klein & Luca Antonio Ricci & Hali J. Edison, 2002. "Capital Account Liberalization and Economic Performance; Survey and Synthesis," IMF Working Papers 02/120, International Monetary Fund.
  5. 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.
  6. 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.
  7. Reinhart, Carmen & Rogoff, Kenneth, 2004. "The modern history of exchange rate arrangements: A reinterpretation," MPRA Paper 14070, University Library of Munich, Germany.
  8. Martin Schindler, 2009. "Measuring Financial Integration: A New Data Set," IMF Staff Papers, Palgrave Macmillan, vol. 56(1), pages 222-238, April.
  9. Jacques Miniane, 2004. "A New Set of Measures on Capital Account Restrictions," IMF Staff Papers, Palgrave Macmillan, vol. 51(2), pages 4.
  10. Lieven Baele, 2004. "Measuring European Financial Integration," Oxford Review of Economic Policy, Oxford University Press, vol. 20(4), pages 509-530, Winter.
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