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This file provides the dataset used in Fernández, Klein, Rebucci, Schindler and Uribe (2015) "Capital Control Measures: A
further permission as long as explicit reference is made to the above paper.
The dataset expands and updates for the years 2006-2013 the one in Martin Schindler, "Measuring Financial Integration:
Disclaimer: The data reflect the authors' interpretation and codification of information provided in the IMF's Annual Rep
not be viewed as official national or IMF data.
COLORS EXPLANATION:
*Note 1: Observations in red denote changes made to Schindler (2009) original coding. See the Technical Appendix for furt
Variable Description
ka Overall restrictions index (all asset categories, bo only 1997 onwards)
kai Overall inflow restrictions index (all asset categories, bo only 1997 onwards)
kao Overall outflow restrictions index (all asset categories, bo only 1997 onwards)
eq Average equity restrictions
eqi Equity inflow restrictions
eqo Equity outflow restrictions
eq_plbn Purchase locally by nonresidents (equity)
eq_siln Sale or issue locally by nonresidents (equity)
eq_pabr Purchase abroad by residents (equity)
eq_siar Sale or issue abroad by residents (equity)
bo Average bond restrictions
boi Bond inflow restrictions
boo Bond outflow restrictions
bo_plbn Purchase locally by nonresidents (bonds)
bo_siln Sale or issue locally by nonresidents (bonds)
bo_pabr Purchase abroad by residents (bonds)
bo_siar Sale or issue abroad by residents (bonds)
mm Average money market restrictions
mmi Money market inflow restrictions
mmo Money market outflow restrictions
mm_plbn Purchase locally by nonresidents (money market instruments)
mm_siln Sale or issue locally by nonresidents (money market instruments)
mm_pabr Purchase abroad by residents (money market instruments)
mm_siar Sale or issue abroad by residents (money market instruments)
ci Average collective investments restrictions
cii Collective investments inflow restrictions
cio Collective investments outflow restrictions
ci_plbn Purchase locally by nonresidents (collective investments)
ci_siln Sale or issue locally by nonresidents (collective investments)
ci_pabr Purchase abroad by residents (collective investments)
ci_siar Sale or issue abroad by residents (collective investments)
de Average derivatives restrictions
dei Derivatives inflow restrictions
deo Derivatives outflow restrictions
de_plbn Purchase locally by nonresidents (derivatives)
de_siln Sale or issue locally by nonresidents (derivatives)
de_pabr Purchase abroad by residents (derivatives)
de_siar Sale or issue abroad by residents (derivatives)
cc Average commercial credits restrictions
cci Commercial credits inflow restrictions
cco Commercial credits outflow restrictions
fc Average financial credits restrictions
fci Financial credits inflow restrictions
fco Financial credits outflow restrictions
gs Average guarantees, sureties and financial backup facilities restrictions
gsi Guarantees, sureties and financial backup facilities inflow restrictions
gso Guarantees, sureties and financial backup facilities outflow restrictions
di Average direct investment restrictions
dii Direct investment inflow restrictions
dio Direct investment outflow restrictions
ldi Direct investment liquidation restrictions
re Average real estate restrictions
rei Real estate inflow restrictions
reo Real estate outflow restrictions
re_pabr Purchase abroad by residents (real estate)
re_plbn Purchase locally by nonresidents (real estate)
re_slbn Sale locally by nonresidents (real estate)
FORMULAS
ka = Average(kai,kao)
kai = Average (eqi+boi+mmi+cii+dei+cci+fci+gsi+dii+rei) for 1997-2013 or Average(eqi+mmi+cii+dei+cci+fci+gsi+
kao = Average (eqo+boo+mmo+cio+deo+cco+fco+gso+dio+reo) for 1997-2013 or Average (eqo+mmo+cio+deo+c
eq = Average(eqi,eqo)
eqi = Average(eq_plbn, eq_siar)
eqo = Average (eq_siln, eq_pabr)
bo = Average(boi,boo)
boi = Average(bo_plbn, bo_siar)
boo = Average (bo_siln, bo_pabr)
mm = Average(mmi,mmo)
mmi = Average(mm_plbn, mm_siar)
mmo = Average (mm_siln, mm_pabr)
ci = Average(cii,cio)
cii = Average(ci_plbn, ci_siar)
cio = Average (ci_siln, ci_pabr)
de = Average(dei,deo)
dei = Average(de_plbn, de_siar)
deo = Average (de_siln, de_pabr)
cc = Average(cci,cco)
fc = Average(fci,fco)
gs = Average(gsi,gso)
di = Average(dii,dio)
re = Average(rei,reo)
rei = re_plbn
reo = Average (re_pabr, de_slbn)
*Note 2: Observations with n.a (not available), n.r (not regulated), d.n.e (does not exist) are
ignored. See the Technical Appendix for further detail.
015) "Capital Control Measures: A New Dataset" The data can be used freely and without
"Measuring Financial Integration: A New Data Set", IMF Staff Papers, Vol. 56, No. 1, 2009, pp. 222-238
provided in the IMF's Annual Report on Exchange Rate Arrangements and Restrictions (AREAER) and should
er original data extrapolated from the AREAER reports or aggregated values of original data extrapolated from the AREAER reports)
ng Excel formulas)
culated using Excel formulas)