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Extended Measures of Capital Transactions

  • Jorge Selaive
  • Beatriz Velásquez
  • José Miguel Villena

In this work, we extend de jure measures of capital account restrictions previously assembled by Miniane (2004) to a set of 181 economies for the period 1996-2005. Additionally, we propose two new measures of capital account restrictions. The first excludes prudential regulation and the second weights the indices by a proxy for the enforcement of capital restrictions. We analyze global tendencies and the process of capital account liberalization in Chile. For the group of economies, we observe an overall tendency to larger globalization and fewer restrictions to capital flows. In Chile we observe a significant decline in capital account restrictions, in particular during 2001, which places the economy among the ones with the most significant financial liberalization processes during the last several years.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 461.

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Date of creation: Mar 2008
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Handle: RePEc:chb:bcchwp:461
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  1. Cheung, Yin-Wong & Chinn, Menzie D. & Fujii, Eiji, 2006. "The Chinese economies in global context: The integration process and its determinants," Journal of the Japanese and International Economies, Elsevier, vol. 20(1), pages 128-153, March.
  2. Philip Lane & Gian Maria Milesi-Ferretti, 2001. "THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries," CEG Working Papers 20012, Trinity College Dublin, Department of Economics.
  3. M. Ayhan Kose & Eswar Prasad & Kenneth Rogoff & Shang-Jin Wei, 2006. "Financial Globalization; A Reappraisal," IMF Working Papers 06/189, International Monetary Fund.
  4. Sebastian Edwards, 2001. "Capital Mobility and Economic Performance: Are Emerging Economies Different?," NBER Working Papers 8076, National Bureau of Economic Research, Inc.
  5. Marco Rossi, 1999. "Financial Fragility and Economic Performance in Developing Economies; Do Capital Controls, Prudential Regulation and Supervision Matter?," IMF Working Papers 99/66, International Monetary Fund.
  6. Francisco Gallego & Leonardo Hernández & Klaus Schmidt-Hebbel, 2002. "Capital Controls in Chile: Were They Effective?," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.), Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 12, pages 361-412 Central Bank of Chile.
  7. Luís Antonio Ahumada & Jorge Selaive C., 2007. "Desarrollo del mercado de derivados cambiarios en Chile," Revista de Analisis Economico – Economic Analysis Review, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines, vol. 22(1), pages 35-58, June.
  8. Natalia T. Tamirisa & R. B. Johnston, 1998. "Why Do Countries Use Capital Controls?," IMF Working Papers 98/181, International Monetary Fund.
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