Capital Mobility in Developing Countries: Some Measurement Issues and Empirical Estimates
评估了多种资本流动性测试方法，并应用于大量发展中国家，发现许多国家在近年已实现金融开放。
A fundamental determinant of the macroeconomic properties of an economy is its degree of financial integration with the outside world. Yet very little is known about this characteristic of many developing economies. An important stumbling block in the empirical assessment of financial integration is the multiplicity of approaches to measurement. This article describes and evaluates alternative tests of capital mobility and applies four such tests to assess the degree of integration with external financial markets exhibited by a large group of developing countries in recent years. The evidence suggests that a substantial number of developing countries can be considered financially open.