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The relevance of recording and assessing countries’ capital flow management measures is well-recognized, but very few studies have focused on low-income developing countries (LIDCs). A key constraint is the lack of an appropriate index to measure the openness of capital account and its change over time. This paper fills the gap by constructing a de jure index based on information contained in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. It provides an aggregate index to capture the overall openness of the capital account, and also provides a breakdown of openness for various subcategories of capital flows. The new database covers 164 countries with information on 12 types of asset categories over the period 1996–2013. The index provides the largest coverage of LIDCs among all existing indices and also provides granularity on openness across asset types, direction of flows and residency. The paper examines the link between de jure capital account openness with de facto capital flows and outlines potential applications of this database.

Capital movements --- Foreign exchange --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Mathematical models --- E-books --- Mathematical models. --- Exports and Imports --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- International Investment --- Long-term Capital Movements --- Financial Aspects of Economic Integration --- Current Account Adjustment --- Short-term Capital Movements --- International economics --- Finance --- Capital account --- Capital controls --- Foreign direct investment --- Capital account liberalization --- Investments, Foreign --- Uganda

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The Financial Inclusion Landscape in the Asia-Pacific Region: A Dozen Key Findings.

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This paper documents the expanding economic linkages between low-income countries (LICs) and a narrow group of "Emerging Market leaders" that have become major players in regional and global trade and financial flows. VAR models show that these linkages have increased the share of growth volatility that can be attributed to foreign shocks in LICs. Dynamic panel models further analyze the impact of LIC trade orientation and production structure on the sensitivity to foreign shocks. The empirical results demonstrate that the elasticity of growth to trading partners' growth is high for LICs in Asia, Latin America and the Caribbean, and Europe and Central Asia. However, for commodity-exporting LICs in Sub-Saharan Africa and the Middle East, terms of trade shocks and demand from the emerging market leaders are the main channels of transmission of foreign shocks.

International economic integration --- Economic development --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- International economic relations --- Econometric models. --- Exports and Imports --- Finance: General --- Macroeconomics --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- Business Fluctuations --- Cycles --- Economic Integration --- Economic Growth of Open Economies --- Externalities --- Trade: General --- International Investment --- Long-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- Commodity Markets --- Finance --- International economics --- Spillovers --- Exports --- Foreign direct investment --- Emerging and frontier financial markets --- Commodity price fluctuations --- Financial sector policy and analysis --- International trade --- Balance of payments --- Financial markets --- Prices --- International finance --- Investments, Foreign --- Financial services industry --- China, People's Republic of

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Asia has made significant progress in financial inclusion, but both its across-country and intra-country disparities are among the highest in the world. The gaps between the rich and the poor, rural and urban populations, and men and women remain deep. Income is the main determinant of the level of financial inclusion; but other factors, such as geography, financial sector structure, and policies, also play important roles. While some countries in the Asia-Pacific region are leaders in fintech, on average the region lags behind others in several important areas such as online (internet) purchases, electronic payments, mobile money, and mobile government transfers. This Departmental Paper aims to take stock of the development and current state of financial inclusion and shed light on policies to advance financial inclusion in the region. The research focuses on the impact of financial inclusion on economic growth, poverty reduction, and inequality, linkages between financial inclusion and macroeconomic policies, as well as structural policies that are important for improving financial inclusion. Given the increasing importance of financial technologies (fintech), the paper also provides a snapshot of the fintech landscape in the Asia-Pacific.

Financial institutions --- Financial services industry --- Poor --- Income distribution --- Pacific area --- Business & economics --- Social science --- Aggregate Factor Income Distribution --- Banks and banking, Mobile --- Computer applications in industry & technology --- Finance --- Finance: General --- Financial inclusion --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Financial markets --- Financial services --- Fintech --- Government and the Monetary System --- Income inequality --- Industries: Financial Services --- Macroeconomics --- Mobile banking --- Monetary Systems --- National accounts --- Payment Systems --- Regimes --- Standards --- Technological innovations --- Technology --- India