04141oam 22010334 450 991078822560332120230721045658.01-4623-9006-497866128441641-4518-7357-31-282-84416-41-4527-5914-6(CKB)3170000000055360(SSID)ssj0000940719(PQKBManifestationID)11588673(PQKBTitleCode)TC0000940719(PQKBWorkID)10955546(PQKB)11253949(OCoLC)649707053(MiAaPQ)EBC1608842(IMF)WPIEE2009210(EXLCZ)99317000000005536020020129d2009 uf 0engurcn|||||||||txtccrWho Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data /Alessandro Prati, Martin Schindler, Patricio ValenzuelaWashington, D.C. :International Monetary Fund,2009.34 pIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1779-1 Includes bibliographical references.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.IMF Working Papers; Working Paper ;No. 2009/210CapitalAccountingCredit ratingsExports and ImportsimfMoney and Monetary PolicyimfCurrent Account AdjustmentimfShort-term Capital MovementsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfInternational economicsimfMonetary economicsimfCapital accountimfCapital account liberalizationimfCredit ratingsimfCurrenciesimfCreditimfBalance of paymentsimfMoneyimfUnited StatesimfCapitalAccounting.Credit ratings.Exports and ImportsMoney and Monetary PolicyCurrent Account AdjustmentShort-term Capital MovementsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsInternational economicsMonetary economicsCapital accountCapital account liberalizationCredit ratingsCurrenciesCreditBalance of paymentsMoneyPrati Alessandro120813Schindler Martin1509552Valenzuela Patricio1509585International Monetary Fund.DcWaIMFBOOK9910788225603321Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data3741560UNINA