TY  - BOOK
AU  - Klein,Michael W.
ED  - National Bureau of Economic Research.
TI  - Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence 
T2  - NBER working paper series
PY  - 2005///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - February 2005; Hardcopy version available to institutional subscribers
N2  - This paper shows that the effect of capital account liberalization on growth depends upon the environment in which that policy occurs. A theoretical model demonstrates the possibility of an inverted-U shaped relationship between the responsiveness of growth to capital account liberalization and institutional quality. Three empirical specifications based on the model are estimated using a panel of 71 countries. Estimates of all three specifications support the hypothesis of a non-monotonic interaction between the responsiveness of growth to capital account liberalization and institutional quality, with about one-quarter of the countries, those with better (but not the best) institutions exhibiting a statistically significant and economically meaningful effect of capital account openness on economic growth
UR  - https://www.nber.org/papers/w11112
UR  - http://dx.doi.org/10.3386/w11112
ER  -