A Simple Measure of the Intensity of Capital Controls

Hali J. Edison · Francis E. Warnock

35 citations0/0 files storedInternational Finance Discussion Paper

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Global trade and economics

Abstract

We present a readily available monthly measure of the intensity of capital controls across 29 emerging market countries that is based on the degree of restrictions on foreign ownership of equities. The initial opening of a market as given by our measure corresponds well with the liberalization dates of Bekaert and Harvey (2000a). In addition, our measure provides information on the extent of the initial opening as well as the evolution of the liberalization over time. We discuss two versions of the measure. One version provides the better indication of the extent of controls at a point in time, and is thus better suited for cross-sectional analysis. The other version—smoothed of the relative price effects of asymmetric shocks provides a better indication of changes in controls, and is thus more appropriate for time series work. After describing the measure, we compare it to other existing measures of capital controls and briefly describe some empirical applications.

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References

2000Foreign Speculators and Emerging Equity Markets 1997The Correlates of Change in International Financial Regulation 2000Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices 2000Do stock market liberalizations cause investment booms?1995Market Integration and Investment Barriers in Emerging Equity Markets 1995Economic Effects and Structural Determinants of Capital Controls 2002Capital Account Liberalization and Economic Performance: Survey and Synthesis 1998Capital Flows and the Behavior of Emerging Market Equity Returns

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