Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data / / Alessandro Prati, Martin Schindler, Patricio Valenzuela

• Autore: Prati Alessandro
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
• Edizione: 1st ed.
• Descrizione fisica: 34 p
• Disciplina: 332.042
• Soggetto topico: 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
• Soggetto geografico: United States
• Altri autori: SchindlerMartin ValenzuelaPatricio
• Note generali: Bibliographic Level Mode of Issuance: Monograph
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Intro -- Contents -- I. Introduction -- II. Related Literature -- III. Data -- IV. Empirical Analysis and Main Results -- A. Baseline regressions -- B. Narrowing down the channels -- V. Robustness -- A. Alternative measures of nontradability -- B. Direct versus indirect effects of capital controls -- C. Structural reforms and macroeconomic conditions -- D. Capital controls measures and other robustness checks -- VI. Conclusions -- References -- Tables -- 1. Bond Ratings and Spreads -- 2. Bond Ratings Scale -- 3. Data Summary and Descriptive Statistics -- 4. Capital Account Restrictions, Foreign Currency Access and Corporate Ratings -- 5. Narrowing Down the Channels -- 6. Foreign Currency Access and Export Surrender Requirements -- 7. Total Coefficients based on Column 1, Table 6 -- 8. Alternative Measures of Nontradability -- 9. The Sovereign Ratings Channel -- 10. Alternative Structural Reforms -- 11. Alternative Macroeconomic Control Variables -- 12. Alternative Capital Account Measures.
• 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.
• Titolo autorizzato: Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data
• ISBN: 1-4623-9006-4; 9786612844164; 1-4518-7357-3; 1-282-84416-4; 1-4527-5914-6
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910812314303321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/210