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  • Does capital account liberalisation promote economic growth? Evidence from system estimation

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    78205_1.pdf (295.9Kb)
    Author(s)
    Carmignani, F
    Griffith University Author(s)
    Carmignani, Fabrizio
    Year published
    2008
    Metadata
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    Abstract
    This paper proposes a three-equations empirical representation of the channels linking capital account liberalization (CAL) and economic growth. System estimates indicate that CAL determines growth through financial development and openness to trade. The residual effect of CAL on growth after accounting for these two channels is negligible. These results call for a reconsideration of the conclusions on the growth-effect of CAL drawn from single-equation empirical models.This paper proposes a three-equations empirical representation of the channels linking capital account liberalization (CAL) and economic growth. System estimates indicate that CAL determines growth through financial development and openness to trade. The residual effect of CAL on growth after accounting for these two channels is negligible. These results call for a reconsideration of the conclusions on the growth-effect of CAL drawn from single-equation empirical models.
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    Journal Title
    Economics Bulletin
    Volume
    6
    Issue
    49
    Publisher URI
    http://www.economicsbulletin.com/
    http://www.accessecon.com/pubs/EB/2008/Volume6/EB-08F30068A.pdf
    Copyright Statement
    © The Author(s) 2008. The attached file is reproduced here in accordance with the copyright policy of the publisher. For information about this journal please refer to the publisher’s website or contact the author.
    Subject
    Economic Development and Growth
    Economics
    Publication URI
    http://hdl.handle.net/10072/48282
    Collection
    • Journal articles

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