LEADER 04141oam 22010334 450 001 9910788225603321 005 20230721045658.0 010 $a1-4623-9006-4 010 $a9786612844164 010 $a1-4518-7357-3 010 $a1-282-84416-4 010 $a1-4527-5914-6 035 $a(CKB)3170000000055360 035 $a(SSID)ssj0000940719 035 $a(PQKBManifestationID)11588673 035 $a(PQKBTitleCode)TC0000940719 035 $a(PQKBWorkID)10955546 035 $a(PQKB)11253949 035 $a(OCoLC)649707053 035 $a(MiAaPQ)EBC1608842 035 $a(IMF)WPIEE2009210 035 $a(EXLCZ)993170000000055360 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWho Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data /$fAlessandro Prati, Martin Schindler, Patricio Valenzuela 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a34 p 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1779-1 320 $aIncludes bibliographical references. 330 3 $aWe provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find that capital controls can substantially limit access to, and raise the cost of, foreign currency debt, especially for firms without foreign currency revenues. As an identification strategy, we exploit, via a difference-in-difference approach, within-country variation in firms' access to foreign currency, measured by whether or not a firm belongs to the nontradables sector. Nontradables firms benefit substantially more from capital account liberalization than others, a finding that is robust to a broad range of alternative specifications. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/210 606 $aCapital$xAccounting 606 $aCredit ratings 606 $aExports and Imports$2imf 606 $aMoney and Monetary Policy$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aInternational economics$2imf 606 $aMonetary economics$2imf 606 $aCapital account$2imf 606 $aCapital account liberalization$2imf 606 $aCredit ratings$2imf 606 $aCurrencies$2imf 606 $aCredit$2imf 606 $aBalance of payments$2imf 606 $aMoney$2imf 607 $aUnited States$2imf 615 0$aCapital$xAccounting. 615 0$aCredit ratings. 615 7$aExports and Imports 615 7$aMoney and Monetary Policy 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aInternational economics 615 7$aMonetary economics 615 7$aCapital account 615 7$aCapital account liberalization 615 7$aCredit ratings 615 7$aCurrencies 615 7$aCredit 615 7$aBalance of payments 615 7$aMoney 700 $aPrati$b Alessandro$0120813 701 $aSchindler$b Martin$01509552 701 $aValenzuela$b Patricio$01509585 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788225603321 996 $aWho Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data$93741560 997 $aUNINA