| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10337 |
| 来源ID | Working Paper 10337 |
| Capital Controls, Liberalizations, and Foreign Direct Investement | |
| Mihir A. Desai; C. Fritz Foley; James R. Hines Jr. | |
| 发表日期 | 2004-03-08 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Affiliate-level evidence indicates that American multinational firms circumvent capital controls by adjusting their reported intrafirm trade, affiliate profitability, and dividend repatriations. As a result, the reported profit impact of local capital controls is comparable to the effect of 24 percent higher corporate tax rates, and affiliates located in countries imposing capital controls are 9.8 percent more likely than other affiliates to remit dividends to parent companies. Multinational affiliates located in countries with capital controls face 5.4 percent higher interest rates on local borrowing than do affiliates of the same parent borrowing locally in countries without capital controls. Together, the costliness of avoidance and higher interest rates raise the cost of capital, significantly reducing the level of foreign direct investment. American affiliates are 13-16 percent smaller in countries with capital controls than they are in comparable countries without capital controls. These effects are reversed when countries liberalize their capital account restrictions. |
| 主题 | International Economics ; International Factor Mobility |
| URL | https://www.nber.org/papers/w10337 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567967 |
| 推荐引用方式 GB/T 7714 | Mihir A. Desai,C. Fritz Foley,James R. Hines Jr.. Capital Controls, Liberalizations, and Foreign Direct Investement. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10337.pdf（245KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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