01933cas a2200265 a 4500 AALejournalIMF006086 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451873573 1018-5941 BD-DhAAL BD-DhAAL Prati, Alessandro. Who Benefits from Capital Account Liberalization? : Evidence from Firm-Level Credit Ratings Data / Alessandro Prati, Martin Schindler, Patricio Valenzuela. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (34 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find that capital controls can substantially limit access to, and raise the cost of, foreign currency debt, especially for firms without foreign currency revenues. As an identification strategy, we exploit, via a difference-in-difference approach, within-country variation in firms' access to foreign currency, measured by whether or not a firm belongs to the nontradables sector. Nontradables firms benefit substantially more from capital account liberalization than others, a finding that is robust to a broad range of alternative specifications. Mode of access: Internet Schindler, Martin. Valenzuela, Patricio. IMF Working Papers; Working Paper ; No. 2009/210 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/210/001.2009.issue-210-en.xml IMF e-Library