Hinweis: Um die korrekte Darstellung der Seite zu erhalten, müssen Sie beim Drucken die Hintergrundgrafiken erlauben.

Who Benefits From Capital Account Liberalization?: Evidence From Firm-Level Credit Ratings Data

Object category:
Elektronische Ressource
Providing institution:
Forschungsbibliothek Gotha
Publisher:
International Monetary Fund
Ort:
Washington, D.C
Date:
2009
Language:
Englisch
Abstract:
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
Object text:
Prati, Alessandro
Online-Ausg.
Created:
2023-04-12
Last changed:
2023-01-26
Added to portal:
2023-04-12