Who Benefits From Capital Account Liberalization? Evidence From Firm-Level Credit Ratings Data PDF
By:Mr. Alessandro Prati,Mr. Martin Schindler,Patricio Valenzuela
Published on 2009-09-01 by International Monetary Fund
We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find that capital controls can substantially limit access to, and raise the cost of, foreign currency debt, especially for firms without foreign currency revenues. As an identification strategy, we exploit, via a difference-in-difference approach, within-country variation in firms'' access to foreign currency, measured by whether or not a firm belongs to the nontradables sector. Nontradables firms benefit substantially more from capital account liberalization than others, a finding that is robust to a broad range of alternative specifications.
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Book which was published by International Monetary Fund since 2009-09-01 have ISBNs, ISBN 13 Code is 9781451917796 and ISBN 10 Code is 1451917791
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Download Who Benefits From Capital Account Liberalization? Evidence From Firm-Level Credit Ratings Data PDF
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