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Ref: econ0013

Driven by proponents such as the IMF the world has witnessed a large shift towards capital account liberalization. In their paper, Braun and Raddatz (2007) note that the percentage of countries open to trade increased from 16% to 73% between 1960 and 2000. Furthermore, the authors report that the degree of capital mobility increased in all regions of the world between 1970 and 2000. This paper sets out to investigate the impact of capital account liberalization on economic growth using three indicators (IMF, SHARE, KAOPEN) of capital account openness for a sample of 111 countries over the period 1970 to 2005. Using the standard growth model and cross sectional analysis, the study finds no statistically significant relationship between capital account openness and growth in GDP per capita across the wide cross section of countries. There is, however, some evidence of a significant impact of liberalization on growth in developed and East Asia and Pacific countries but the inclusion of a variable reflecting the quality of government casts doubt on the significance of the respective interaction terms.

  • 10,000 words – 48 pages in length
  • Excellent use of literature
  • Good in depth analysis
  • Excellent use of economic models
  • Ideal for business economics students


1.0 Introduction and Theoretical Background

2.0 Literature Review
Measuring Capital Account Liberalization
Estimating the Effects of Capital Account Liberalization on Growth
Empirical Evidence on Capital Account and Liberalization

3.0 Methodology and Approach

4.0 Empirical Investigation
The Standard Cross Country Growth Model
Econometric Analysis

5.0 Data Analysis
Data Sources
Construction of the Indicators
Trends in Capital Account Liberalization 1970-2005

6.0 Results
Capital Account Liberalization and Growth
Capital Account Liberalization and Growth by Region
Capital Account Liberalization, Government Effectiveness and Growth

7.0 Conclusion

References

Text Tables
Overview of Capital Account Liberalization Indicators
Selected Studies on Capital Account Liberalization and Growth
A priori Relationships for the Base Model
List of Countries by Region
Capital Account Liberalization and Growth
Capital Account Liberalization and Growth by Region
Capital Account Liberalization, Government Effectiveness and Growth

Figures
Cross Country Trends in Capital Account Liberalization
Presence of Capital Account Restrictions (IMF)
Presence of Capital Account Restrictions (SHARE)
Presence of Capital Account Restrictions (KAOPEN)

Appendix
Summary of Variables and Description
Summary Statistics
Scatter Plot Diagrams



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