Capital account liberalization and economic performance: Evidence from Korea

被引：1

作者：

Lee, Junyong ^{[1
]}

Oh, Frederick Dongchuhl ^{[2
]}

机构：

[1] Korea Adv Inst Sci & Technol, KAIST Coll Business, Seoul, South Korea

[2] Seoul Natl Univ, SNU Grad Sch Int Studies, 1 Gwanak Ro, Seoul 08826, South Korea

来源：

JOURNAL OF INTERNATIONAL TRADE & ECONOMIC DEVELOPMENT | 2024年 / 33卷 / 07期

关键词：

Capital account liberalization; foreign investment; allocative efficiency; economic performance; Korea; FOREIGN DIRECT-INVESTMENT; FINANCIAL DEVELOPMENT; PRODUCTIVITY; ALLOCATION; GROWTH; SPILLOVERS; DYNAMICS; MATTER;

D O I：

10.1080/09638199.2023.2248284

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study examines whether capital account liberalization is beneficial for inducing foreign investment and positively affects allocative efficiency and economic performance in Korea. Using panel data on Korean industries and firms from 1991 to 2019, we confirm that capital account liberalization is positively associated with foreign investment. This effect is more pronounced for industries with high external financing dependence. Additionally, we conduct a firm-level analysis and find that capital account liberalization improves capital allocative efficiency, indicating that it helps firms with high growth opportunities to make more investment. Furthermore, changes in allocative efficiency attributable to capital account liberalization positively affect firms' future financial performance. Overall, our study highlights the importance of capital account liberalization in attracting foreign capital, improving allocative efficiency, and enhancing the economic performance of firms in a transition economy.

引用

页码：1277 / 1305

页数：29

共 50 条

[1] CAPITAL ACCOUNT LIBERALIZATION AND ECONOMIC PERFORMANCE IN MALAYSIA
Law, Siong Hook
Azman-Saini, W. N. W.
[J]. SINGAPORE ECONOMIC REVIEW, 2013, 58 (03):
[2] Capital account liberalization and economic performance: Survey and synthesis
Edison, HJ
Klein, MW
Ricci, LA
Slok, T
[J]. IMF STAFF PAPERS, 2004, 51 (02): : 220 - 256
[3] Capital Account Liberalization and Economic Performance: Survey and Synthesis
Hali J. Edison
Michael W. Klein
Luca Antonio Ricci
Torsten Sløk
[J]. IMF Staff Papers, 2004, 51 (2): : 220 - 256
[4] Capital account liberalization and inflation:: evidence from Brazil
de Mendonca, Helder Ferreira
de Castro Pires, Manoel Carlos
[J]. APPLIED ECONOMICS LETTERS, 2007, 14 (7-9) : 483 - 487
[5] Capital account liberalization and economic growth in Tunisia
Souhir Elhmedi
Niazi Kammoun
[J]. SN Business & Economics, 4 (6):
[6] Capital-account liberalization, the cost of capital, and economic growth
Henry, PB
[J]. AMERICAN ECONOMIC REVIEW, 2003, 93 (02): : 91 - 96
[7] Capital account liberalization: Theory, evidence, and speculation
Henry, Peter Blair
[J]. JOURNAL OF ECONOMIC LITERATURE, 2007, 45 (04) : 887 - 935
[8] Capital Account Liberalization, Political Stability, and Economic Growth
Hamdaoui, Mekki
Ayouni, Saif Eddine
Maktouf, Samir
[J]. JOURNAL OF THE KNOWLEDGE ECONOMY, 2022, 13 (01) : 723 - 772
[9] Economic Volatility and Capital Account Liberalization in Emerging Countries
Erturk, Korkut
[J]. INTERNATIONAL REVIEW OF APPLIED ECONOMICS, 2005, 19 (04) : 399 - 417
[10] Capital Account Liberalization, Political Stability, and Economic Growth
Mekki Hamdaoui
Saif Eddine Ayouni
Samir Maktouf
[J]. Journal of the Knowledge Economy, 2022, 13 : 723 - 772

← 1 2 3 4 5 →