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Capital Mobility in Developing Countries; M386Some Empirical Tests

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  • International Monetary Fund

Abstract

The degree of capital mobility in developing economies is seldom estimated, even though it is widely recognized to be an important element in determining the effects of stabilization policies. Instead, an economy is assumed to be open or closed mainly on grounds of analytical convenience. This paper develops a simple approach to modelling and measuring the degree of financial openness which is applicable to developing economies. Empirical estimation using data from a large number of developing countries suggests that the effective degree of capital mobility in such economies may be higher than is commonly assumed.

Suggested Citation

  • International Monetary Fund, 1990. "Capital Mobility in Developing Countries; M386Some Empirical Tests," IMF Working Papers 90/117, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:90/117
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    Cited by:

    1. Chinn, Menzie-D & Dooley, Michael-P, 1997. "Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 15(2), pages 81-103, December.
    2. Reinhart, Carmen & Ostry, Jonathan, 1991. "Private Saving and Terms of Trade Shocks," MPRA Paper 13716, University Library of Munich, Germany.
    3. Qayyum, Abdul & Mohsin, H, 2005. "The Integration of Financial Markets: Empirical Evidence from South Asian Countries," MPRA Paper 2364, University Library of Munich, Germany, revised 2005.
    4. Dhaneshwar Ghura & Barry Goodwin, 2000. "Determinants of private investment: a cross-regional empirical investigation," Applied Economics, Taylor & Francis Journals, vol. 32(14), pages 1819-1829.
    5. Koté, Lassine & Sorgho, Zakaria & Ouedraogo, Carine, 2015. "La Mobilité des Capitaux en Afrique de l'Ouest: Investigations sur des pays de la CEDEAO
      [Mobility of Capital in West Africa: Study case of ECOWAS Countries]
      ," MPRA Paper 65196, University Library of Munich, Germany.
    6. Moreno, R. & Pasadilla, G. & Remolona, E., 1998. "Asia's Financial Crisis: Lessons and Policy Responses," Papers 98-02, Economisch Institut voor het Midden en Kleinbedrijf-.
    7. Menzie Chinn & William Maloney, 1998. "Financial and Capital Account Liberalization in the Pacific Basin: Korea and Taiwan During the 1980's," International Economic Journal, Taylor & Francis Journals, vol. 12(1), pages 53-74.
    8. Rungsun Hataiseree & Anthony Phipps, 1996. "The degree of capital mobility in Thailand: some estimates using a cointegration approach," Applied Economics Letters, Taylor & Francis Journals, vol. 3(1), pages 9-13.
    9. repec:ebl:ecbull:v:6:y:2007:i:12:p:1-8 is not listed on IDEAS
    10. Sun, Lixing, 2004. "Measuring time-varying capital mobility in East Asia," China Economic Review, Elsevier, vol. 15(3), pages 281-291.
    11. de Brouwer,Gordon, 1999. "Financial Integration in East Asia," Cambridge Books, Cambridge University Press, number 9780521651486, May.
    12. Won-Am Park, 1996. "Financial Liberalization: The Korean Experience," NBER Chapters,in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 247-276 National Bureau of Economic Research, Inc.
    13. Tesar, Linda L., 1995. "Evaluating the gains from international risksharing," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 95-143, June.
    14. A. Scorcu, 1997. "Contiguita' territoriale e shock sul consumo nelle regioni italiane," Working Papers 277, Dipartimento Scienze Economiche, Universita' di Bologna.
    15. Corbo, Vittorio & Solimano, Andres, 1991. "Chile's experience with stabilization, revisited," Policy Research Working Paper Series 579, The World Bank.
    16. Maloney, William F., 1997. "Testing capital account liberalization without forward rates Another look at Chile 1979-1982," Journal of Development Economics, Elsevier, vol. 52(1), pages 139-168, February.
    17. Gargi Sanati, 2010. "Integration of India’s Financial Markets on the Domestic and International Fronts: An Emperical Analysis of the Post-Liberalisation Period. June 2010," Working Papers id:3097, eSocialSciences.

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