MARC Record from Scriblio

LEADER: 02318cam 22003017a 4500
001 2005616038
003 DLC
005 20050128151849.0
007 cr |||||||||||
008 050119s2004 mau sb 000 0 eng
010 $a 2005616038
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aDesai, Mihir A.$q(Mihir Arvind),$d1968-
245 10 $aCapital controls, liberalizations, and foreign direct investement$h[electronic resource] /$cMihir A. Desai, C. Fritz Foley, James R. Hines Jr..
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2004.
490 1 $aNBER working paper series ;$vworking paper 10337
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 1/19/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"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"--National Bureau of Economic Research web site.
700 1 $aFoley, C. Fritz.
700 1 $aHines, James R.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 10337.
856 40 $uhttp://papers.nber.org/papers/W10337