Does capital account liberalization lead to growth?

被引:260
作者
Quinn, Dennis P. [1 ]
Toyoda, A. Maria [2 ]
机构
[1] Georgetown Univ, McDonough Sch Business, Washington, DC 20057 USA
[2] Villanova Univ, Villanova, PA 19085 USA
关键词
D O I
10.1093/rfs/hhn034
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We test whether capital account liberalization led to higher economic growth using de jure measures of capital account and financial current account openness for 94 nations, from 1950 (or independence) onward. We argue that measurement error, differing time periods used, and collinearity among independent variables account for conflicting results in prior scholarship. We use pooled time-series, cross-sectional OLS and system GMM estimators to examine economic growth rates, 1955-2004. Capital account liberalization had a positive association with growth in both developed and emerging market nations. We confirm that equity market liberalization has an independent effect on economic growth.
引用
收藏
页码:1403 / 1449
页数:47
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