کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5104293 1480774 2016 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
A new index for measuring SADC exchange control restrictiveness
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
A new index for measuring SADC exchange control restrictiveness
چکیده انگلیسی
This paper addresses the issue of the assessment of foreign exchange and capital controls in the context of the Southern African Development Community's goal of regional integration. It reviews the pros and cons of current and capital account liberalisation and argues that there is a lack of sufficiently refined de jure measures of capital account openness. A new index for measuring exchange control restrictiveness is created based on data from the International Monetary Fund's Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) for the 15 SADC member states. This index is unique in that it employs ordinal measures of exchange control restrictions rather than the binary measures used in previous measures. The new index illustrates the considerable range of variation of exchange restrictiveness within SADC, as well as illustrating SADC's relative exchange restrictiveness compared with other countries, inside and outside of Africa. The new index also correlates with several measures of financial development, certain balance of payment items, and some measures of institutional development, which makes it a useful measure for SADC integration. The paper highlights the challenges for SADC monetary union in the sphere of exchange control.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Development Finance - Volume 6, Issue 2, December 2016, Pages 139-150
نویسندگان
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