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  • International Economics x
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Cover IMF Working Papers
Working Paper Summaries (WP/95/1 - WP/95/61)
International Monetary Fund
This compilation of summaries of Working Papers released during January-June 1995 is being issued as a part of the Working Paper series. It is designed to provide the reader with an overview of the research work performed by the staff during the period. Authors of Working Papers are normally staff members of the Fund or consultants, although on occasion outside authors may collaborate with a staff member in writing a paper. The views expressed in the Working Papers or their summaries are, however, those of the authors and should not necessarily be interpreted as representing the views of the Fund. Copies of individual Working Papers and information on subscriptions to the annual series of Working Papers may be obtained from IMF Publication Services, International Monetary Fund, 700 19th Street, Washington, D.C. 20431. Telephone: (202) 623-7430 Telefax: (202) 623-7201.
Keywords:
WP; country; rate; economy; liberalization; policy; employment voucher; price liberalization; U.K. economy; transition economy; sound fiscal policy response; Exchange rates; Inflation; Currencies; Real exchange rates; Wages; Sub-Saharan Africa; Baltics; Central and Eastern Europe; Southern Africa; West Africa
Cover IMF Working Papers
Effects of Capital Flow Liberalization: What is the Evidence from Recent Experiences of Emerging Market Economies?
Tahsin Saadi Sedik and Tao Sun
This paper analyzes the experiences of emerging market economies (EMEs) that have liberalized capital flows over the past 15 years with respect to macroeconomic performance and risks to financial stability. The results of the panel data regressions indicate that greater openness to capital flows is associated with higher growth, gross capital flows, and equity returns and with lower inflation and bank capital adequacy ratios. The effects vary depending on thresholds. As a potential application of these findings, the paper explores the possible effects of liberalization on China by applying the coefficients of explanatory variables to the corresponding variables of China in 2012–16.
Keywords:
WP; liberalization; equity liberalization index; liberalization of capital flow; Capital flow liberalization; emerging market economies; China; dynamic panel data specification; simulations; flow liberalization; restrictiveness index; interest rate liberalization; further liberalization; liberalization in China; Capital account liberalization; Capital flows; Capital adequacy requirements; Financial sector risk; Real interest rates; Global