Description

In this work, we extend de jure measures of capital account restrictions previously assembled by Miniane (2004) to a set of 181 economies for the period 1996-2005. Additionally, we propose two new measures of capital account restrictions. The first excludes prudential regulation and the second weights the indices by a proxy for the enforcement of capital restrictions. We analyze global tendencies and the process of capital account liberalization in Chile. For the group of economies, we observe an overall tendency to larger globalization and fewer restrictions to capital flows. In Chile we observe a significant decline in capital account restrictions, in particular during 2001, which places the economy among the ones with the most significant financial liberalization processes during the last several years.