Currency Crises, Capital-Account Liberalization, and Selection Bias
用匹配和倾向得分方法控制自选择偏差，分析发展中国家数据后发现，资本账户自由化后货币危机发生概率反而更低。
Are countries with unregulated capital flows more vulnerable to currency crises? Efforts to answer this question properly must control for self-selection bias, because countries with liberalized capital accounts may also have sounder economic policies and institutions that make them less likely to experience crises. We employ a matching and propensity-score methodology to address this issue in a panel analysis of developing countries. Our results suggest that, after controlling for sample selection bias, countries with liberalized capital accounts experience a lower likelihood of currency crises. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.