Capital account liberalization, institutional quality and economic growth
theory and evidence
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Author
Contributions
- National Bureau of Economic Research. - Contributor
Publication
2005 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
8,750 words, Guess
Page Count
35 pages
Identifiers
- OCLC Control Number57703355
- Open LibraryOL17625428M
Classifications
- LCCHB1
Description
"This paper shows that the effect of capital account liberalization on growth depends upon the environment in which that policy occurs. A theoretical model demonstrates the possibility of an inverted-U shaped relationship between the responsiveness of growth to capital account liberalization and institutional quality. Three empirical specifications based on the model are estimated using a panel of 71 countries. Estimates of all three specifications support the hypothesis of a non-monotonic interaction between the responsiveness of growth to capital account liberalization and institutional quality, with about one-quarter of the countries, those with better (but not the best) institutions exhibiting a statistically significant and economically meaningful effect of capital account openness on economic growth"--National Bureau of Economic Research web site.
Description
"This paper shows that the effect of capital account liberalization on growth depends upon the environment in which that policy occurs. A theoretical model demonstrates the possibility of an inverted-U shaped relationship between the responsiveness of growth to capital account liberalization and institutional quality. Three empirical specifications based on the model are estimated using a panel of 71 countries. Estimates of all three specifications support the hypothesis of a non-monotonic interaction between the responsiveness of growth to capital account liberalization and institutional quality, with about one-quarter of the countries, those with better (but not the best) institutions exhibiting a statistically significant and economically meaningful effect of capital account openness on economic growth"--National Bureau of Economic Research web site.
Subjects
Series Statement
- NBER working paper series -- no. 11112.
- Working paper series (National Bureau of Economic Research) -- working paper no. 11112.
Links
Other Editions
- Capital account liberalization, institutional quality and economic growth: theory and evidence
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