Search IMF Staff Papers


Advanced Search
Journal Description

Editorial Committee

How to Subscribe

Forthcoming Articles

Staff Papers Archive

Copyright Information

Research at the IMF

Free Email Notification

Receive emails when we post new items of interest to you.

Subscribe or Modify your profile





IMF Staff Papers Logo    Last updated: August 2004
Volume 51, Number 2
 
A New Set of Measures on Capital Account Restrictions
Jacques Miniane

Full Text of this Article (PDF 146K)
Download the dataset (zip file)

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 of IMF 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. [JEL C82, F02, F33]