Menzie D. Chinn

TL;DR: In this paper, a new index is proposed to measure the extent of openness in cross-border financial transactions, based on the information from the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER).

TL;DR: In this article, the authors investigate whether financial openness leads to financial development after controlling for the level of legal development using a panel encompassing 108 countries over the period 1980 to 2000, and find that trade openness is a prerequisite for capital account liberalization while banking system development is a precondition for equity market development.

TL;DR: In this paper, the authors re-assess exchange rate prediction using a wider set of models that have been proposed in the last decade: interest rate parity, productivity based models, and behavioral equilibrium exchange rate' models.

TL;DR: In this article, the authors provide an empirical investigation of the medium-term determinants of current accounts for a large sample of industrial and developing countries, utilizing an approach that highlights macroeconomic determinants for longer-term saving and investment balances.

TL;DR: In this article, the authors provide an empirical investigation of the medium-term determinants of current accounts for a large sample of industrial and developing countries and find that current account balances are positively correlated with government budget balances and initial stocks of net foreign assets.