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100 1 a| Edwards, Sebastian,d| 1953-=| ^A402632;

245 10 a| Capital controls, capital flow contractions, and macroeconomic vulnerabilityh| [electronic resource] /c| Sebastian Edwards.;

260 a| Cambridge, MA :b| National Bureau of Economic Research,;

490 1 a| NBER working paper series ;v| working paper 12852;

500 a| Title from PDF file as viewed on 3/23/2007.;

504 a| Includes bibliographical references.;

506 a| Available only to authorized users.;

520 3 a| "In this paper I analyze whether restrictions to capital mobility reduce vulnerability to external shocks. More specifically, I ask if countries that restrict the free flow of international capital have a lower probability of experiencing a large contraction in net capital flows. I use three new indexes on the degree of international financial integration and a large multi-country data set for 1970-2004 to estimate a series of random-effect probit equations. I find that the marginal effect of higher capital mobility on the probability of a capital flow contraction is positive and statistically significant, but very small. Having a flexible exchange rate greatly reduces the probability of experiencing a capital flow contraction. The benefits of flexible rates increase as the degree of capital mobility increases. A higher current account deficit increases the probability of a capital flow contraction, while a higher ratio of FDI to GDP reduces that probability"--National Bureau of Economic Research web site.;

530 a| Also available in print.;

538 a| Mode of access: World Wide Web;

655 0 a| Electronic books.=| ^A491897;

710 2 a| National Bureau of Economic Research.=| ^A186;

830 0 a| Working paper series (National Bureau of Economic Research : Online) ;v| working paper no. 12852.?| UNAUTHORIZED;

856 40 z| Full text available from NBER Working Papersu| https://go.openathens.net/redirector/ecu.edu?url=https%3A%2F%2Fdx.doi.org%2F10.3386%2Fw12852;

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Capital controls, capital flow contractions, and macroeconomic vulnerability / Sebastian Edwards.

Author/creator	Edwards, Sebastian, 1953-
Other author	National Bureau of Economic Research.
Format	Electronic
Publication Info	Cambridge, MA : National Bureau of Economic Research,
Supplemental Content	Full text available from NBER Working Papers

Series	NBER working paper series ; working paper 12852 Working paper series (National Bureau of Economic Research : Online) ; working paper no. 12852. UNAUTHORIZED
Summary	"In this paper I analyze whether restrictions to capital mobility reduce vulnerability to external shocks. More specifically, I ask if countries that restrict the free flow of international capital have a lower probability of experiencing a large contraction in net capital flows. I use three new indexes on the degree of international financial integration and a large multi-country data set for 1970-2004 to estimate a series of random-effect probit equations. I find that the marginal effect of higher capital mobility on the probability of a capital flow contraction is positive and statistically significant, but very small. Having a flexible exchange rate greatly reduces the probability of experiencing a capital flow contraction. The benefits of flexible rates increase as the degree of capital mobility increases. A higher current account deficit increases the probability of a capital flow contraction, while a higher ratio of FDI to GDP reduces that probability"--National Bureau of Economic Research web site.
General note	Title from PDF file as viewed on 3/23/2007.
Bibliography note	Includes bibliographical references.
Access restriction	Available only to authorized users.
Other forms	Also available in print.
Technical details	Mode of access: World Wide Web
Genre/form	Electronic books.
LCCN	2007615088

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Capital controls, capital flow contractions, and macroeconomic vulnerability / Sebastian Edwards.

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