TY  - JOUR
AU  - Edwards,Sebastian
TI  - Capital Mobility and Economic Performance: Are Emerging Economies Different?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8076
PY  - 2001
Y2  - January 2001
UR  - http://www.nber.org/papers/w8076
L1  - http://www.nber.org/papers/w8076.pdf
N1  - Author contact info:
Sebastian Edwards
UCLA Anderson Graduate School of Business
110 Westwood Plaza, Suite C508
Box 951481
Los Angeles, CA 90095-1481
Tel: 310/206-6797
Fax: 310/206-5825
E-Mail: sebastian.edwards@anderson.ucla.edu
M2  - featured in NBER digest on 2001-05-01
AB  - In this paper I use a new cross-country data set to investigate the effects of capital mobility on economic growth. The new indicator of capital mobility used in this analysis is superior to previously used indexes in two respects: (1) It allows for intermediate situations, where a country's capital account is semi-open; and (2) it is available for two different periods in time. The results obtained suggest that, after controlling for other variables (including aggregate investment), countries with a more open capital account have outperformed countries that have restricted capital mobility. There is also evidence, however, suggesting that an open capital account positively affects growth only after a country has achieved a certain degree of economic development. This provides support to the view that there is an optimal sequencing for capital account liberalization.
ER  -