FDA Collection: http://hdl.handle.net/2451/31341 2026-04-19T15:17:00Z Debt Relief http://hdl.handle.net/2451/31608 Title: Debt Relief Authors: Arslanalp, Serkan; Henry, Peter B. 2006-01-01T00:00:00Z Capital Account Liberalization: Theory, Evidence and Speculation http://hdl.handle.net/2451/31606 Title: Capital Account Liberalization: Theory, Evidence and Speculation Authors: Henry, Peter Blair Abstract: Research on the macroeconomic impact of capital account liberalization finds few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. Most papers that find no effect of liberalization on real variables tell us nothing about the empirical validity of the theory because they do not really test it. This paper explains why it is that most studies do not really address the theory they set out to test. It also discusses what is necessary to test the theory and examines papers that have done so. Studies that actually test the theory show that liberalization has significant effects on the cost of capital, investment, and economic growth. 2007-12-01T00:00:00Z Institutions vs. Policies: A Tale of Two Islands http://hdl.handle.net/2451/31605 Title: Institutions vs. Policies: A Tale of Two Islands Authors: Henry, Peter Blair; Miller, Conrad 2009-05-01T00:00:00Z Capital Market Integration and Wages http://hdl.handle.net/2451/31604 Title: Capital Market Integration and Wages Authors: Chari, Anusha; Henry, Peter Blair; Sasson, Diego Abstract: For three years after the typical emerging economy opens its stock market to inflows of foreign capital, the average annual growth rate of the real wage in the manufacturing sector increases by a factor of three. No such increase occurs in a control group of countries that do not liberalize. The temporary increase in wage growth drives up the level of the average worker's annual compensation by US $487—an increase equal to nearly one-fifth of their annual pre-liberalization salary. Overall, the results suggest that trade in capital may have a larger impact on wages than trade in goods. (JEL E25, E44, F16, F43, G18, O16) 2012-04-01T00:00:00Z