The determination of capital controls: Which role do exchange rate regimes play?

Abstract

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Financial globalization, economic growth, and macroeconomic volatility

“…As discussed by the literature, the type of codification of indicators built from the IMF's reports would imply that different intensities of capital controls are not captured. However, the dummy nature of the restriction makes averaging them equivalent to dividing the number of transactions subject to controls by the total number of transactions considered in the analysis, which is a proxy for the degree of intensity of controls, as in von Hagen and Zhou (2005).…”

Are consistent pegs really more prone to currency crises?

“…Von Hagen and Zhou (2005) show that capital account liberalization affects the choice of exchange rate regime. Glick and Hutchison (2005) and Glick et al (2006) find that countries with capital controls have a significantly higher likelihood of currency crises than countries with no capital controls.…”

Information content of repurchase signals: Tangible or intangible information?

“…To examine the relations between intangible information (Rib) and the three economic proxies, I use Heckman two-stage regressions because this approach is designed for the sample selection bias issue (Hagen and Zhou, 2005;Tong, 2008). 17 Table 7 presents the result of the Heckman two-stage regression analysis.…”