资本管制测度
名义或法定资本管制测度是基于对资本管制的法律、法规及其他规范性法律文件的综合评判衡量资本管制的程度,因而反映了监管者的政策倾向。名义资本管制测度计算的主要信息来源是IMF出版的《汇率安排和汇兑限制年报》(下文简称《年报》)。ChinnandIto(2008)重点研究《年报》中的四大类信息,并进行主成份分析计算指标,包括:是否存在多重汇率,经常账户管制程度、资本账户开放程度、是否要求上缴出口收入,计算了金融开放程度指标KAOPEN,在学术研究中被广泛使用。
The Chinn-Ito index (KAOPEN) is an index measuring a country’s degree of capital account openness. The index was initially introduced in Chinn and Ito (Journal of Development Economics, 2006). KAOPEN is based on the binary dummy variables that codify the tabulation of restrictions on cross-border financial transactions reported in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER). This update is based on AREAER 2018, which contains the information on regulatory restrictions on cross-border financial transactions as of the end of 2017.1