A New Set of Measures on Capital Account Restrictions

By Jacques A Miniane. International Monetary Fund Staff Papers, 2004

218 citations recorded by the source corpus.

This paper extends the IMF's post-1996 disaggregated capital account indices back to 1983 for a representative sample of 34 countries. All the information used to construct the indices comes from IMF's Annual Report on Exchange Arrangements and Exchange Restrictions and is widely available. It is shown that the disaggregated indices do a better job than the pre-1996 single dummy in reflecting both global trends toward capital account liberalization and country-specific liberalization episodes that occurred during the period. Given the frequency oflMF reporting procedures, the disaggregated indices still fail to accurately track temporary control programs designed to fight off crises. Moreover; the lack of systematic information on enforcement means that the indices remain de jure. Some tentative solutions to these limitations are suggested.

Subfields: Development, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/451c37b8e7262a5b3f320d6995550b092e3ca851

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Citations in the corpus

Capital Control Measures: A New Dataset (2015, unknown): “…index of “capital account openness,” while others with finer granularity have been more limited in terms of sample coverage (such as Tamirisa, 1999; Miniane, 2004; and Schindler, 2009).7 In this paper, we present an updated and extended data set building on Schindler (2009), including more…”
Capital Controls and the International Transmission of U.S. Money Shocks (2003, methodology): “We exploit a new set of measures of capital controls restrictions developed by Miniane (2000). The indexes use publicly available information contained in the Exchange Arrangements and Exchange Restrictions publication of the IMF to extend back to 1983 the IMF’s post-1996 practice of reporting dummi”
A New Measure of Financial Openness (2008, unknown): “The exceptions to be noted are Quinn (1997, 2003) and Miniane (2004) as we will discuss later.”
Capital Inflows: Macroeconomic Implications and Policy Responses (2009, methodology): “With the expansion of the set of control categories and further refinements in the 1996 issue of the AREAER, it is now possible to distinguish between controls on inflows from those on outflows beginning in 1995 (see Schindler, 2009).”
Liberalisation and stock market co-movement between emerging economies (2011, background): “Since our dependent variable is a measure of stock price co-movement, the degree of cross-sectional dependence ySeveral other measures for financial liberalisation are available; see Kaminsky and Schmukler (2003) and Miniane (2004).”
Financial development and financial liberalization in Asia: Thresholds, institutions and the sequence of liberalization (2006, methodology): “One might think of the Quinn (1997) index or the Miniane (2004) index as the measures of the intensity of capital controls.”
Financial Integration, Productivity and Capital Accumulation (2008, unknown): “Miniane (2000) harmonized the classiÞcations, though for a limited number of countries, and over a short time span.”
Openness, inequality and poverty: Endowments matter (2006, unknown): “Miniane ( 2004 ) provides a summary of available indices of financial market integration.”
The Dark Side of Global Integration: Increasing Tail Dependence (2010, unknown): “Alternatives with higher disaggregation than the IMF Dummy include indicators by Quinn (1997) and Miniane (2004). However, both indicators are available only for a limited number of countries and for a limited time span.”
Financial Globalization: A Reappraisal (2009, background): “…from country-specific data sources and proposes a new index.6 After the expansion of the set of categories reflecting the existence of capital controls in the 1997 issue of the AREAER, there have been some refinements of the earlier measures (see Johnston and Tamirisa, 1998, and Miniane, 2004).”
Assessing Measures of Financial Openness and Integration (2011, background): “(See Mishkin, 2009; Obstfeld, 2009; Rodrik and Subramanian, 2009.) Kose, Prasad, and Taylor (2011) argue that these benefits should be especially important for developing countries with relatively low capital-to-labor ratios.(20) The lack of strong evidence, however, has not been evenly distributed ”
Financial Globalization and Economic Policies (2009, unknown): “Finer measures of openness based on the AREAER have been developed by Quinn (1997, 2003), Miniane (2004), Chinn and Ito (2005), Mody and Murshid (2005) and Edwards (2005).”
Measuring Financial Integration: A New Data Set (2009, methodology): “She reports high correlations with the IMF dummy and the indices by Tamirisa (1999), Miniane (2004), and Quinn (1997); however, her data set has not been available to the author.”