| |
|
|
|
|
|
|
|
1. |
Record Nr. |
UNINA9910788225603321 |
|
|
Autore |
Prati Alessandro |
|
|
Titolo |
Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data / / Alessandro Prati, Martin Schindler, Patricio Valenzuela |
|
|
|
|
|
|
|
Pubbl/distr/stampa |
|
|
Washington, D.C. : , : International Monetary Fund, , 2009 |
|
|
|
|
|
|
|
ISBN |
|
1-4623-9006-4 |
9786612844164 |
1-4518-7357-3 |
1-282-84416-4 |
1-4527-5914-6 |
|
|
|
|
|
|
|
|
Descrizione fisica |
|
|
|
|
|
|
Collana |
|
|
|
|
|
|
Altri autori (Persone) |
|
SchindlerMartin |
ValenzuelaPatricio |
|
|
|
|
|
|
|
|
Soggetti |
|
Capital - Accounting |
Credit ratings |
Exports and Imports |
Money and Monetary Policy |
Current Account Adjustment |
Short-term Capital Movements |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Monetary Systems |
Standards |
Regimes |
Government and the Monetary System |
Payment Systems |
International economics |
Monetary economics |
Capital account |
Capital account liberalization |
Currencies |
Credit |
Balance of payments |
Money |
United States |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lingua di pubblicazione |
|
|
|
|
|
|
Formato |
Materiale a stampa |
|
|
|
|
|
Livello bibliografico |
Monografia |
|
|
|
|
|
Note generali |
|
Bibliographic Level Mode of Issuance: Monograph |
|
|
|
|
|
|
Nota di bibliografia |
|
Includes bibliographical references. |
|
|
|
|
|
|
Sommario/riassunto |
|
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. |
|
|
|
|
|
|
|
| |