English, Article, Journal or magazine article edition: Convertibility, Currency Controls and the Cost of Capital in Western Europe, 1950-1999 Hans Joachim Voth

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Bookmark: http://trove.nla.gov.au/version/153114
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Convertibility, Currency Controls and the Cost of Capital in Western Europe, 1950-1999
Author
  • Hans Joachim Voth
Physical Description
  • preprint
Notes
  • For most of the postwar period, Europe’s capital markets remained largely closed to international capital flows. This paper explores the costs of this policy. Using the familiar event-study methodology, we examine the extent to which restrictions of current and capital account convertibility affected stock returns. We find that the delayed introduction of full currency convertibility increased the cost of capital. Also, a string of measures designed to reduce capital mobility before the ultimate collapse of the Bretton Woods System had considerable negative effects. These findings demonstrate that the introduction of capital controls can impose significant costs.
  • Cost of capital, liberalization, current account, capital account, convertibility
  • RePEc:upf:upfgen:552
Language
  • English
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