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Capital Mobility in Developing Countries: Some Measurement Issues and Empirical Estimates
Authors:Montiel   Peter J.
Affiliation:Peter J. Montiel is with the Department of Economics at Oberlin College. He is grateful for comments received on an earlier draft from participants at a seminar sponsored by the International Economics Department at the World Bank and for research assistance provided by David Stewart.
Abstract:A fundamental determinant of the macroeconomic properties ofan economy is its degree of financial integration with the outsideworld. Yet very little is known about this characteristic ofmany developing economies. An important stumbling block in theempirical assessment of financial integration is the multiplicityof approaches to measurement. This article describes and evaluatesalternative tests of capital mobility and applies four suchtests to assess the degree of integration with external financialmarkets exhibited by a large group of developing countries inrecent years. The evidence suggests that a substantial numberof developing countries can be considered financially open.
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