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The Chinn-Ito index (KAOPEN) is an index measuring a
country's degree of capital account openness. The index was initially introduced in Chinn and Ito (Journal
of Development Economics, 2006). KAOPEN is based on the binary
dummy variables that codify the tabulation of restrictions on cross-border
financial transactions reported in the IMF's Annual Report on Exchange
Arrangements and Exchange Restrictions (AREAER). Currently, the index
is updated to 2008. The dataset is available in the Excel or STATA format.
The data file contains the Chinn and
Ito index series for the time period of 1970-2007 for 182
countries. A complete list of the countries and their data availability
and summary statistics are presented in the "Note on the Chinn-Ito Financial
Openness Index." More information on
how the index is constructed, the index's summary statistics, and how it
compares with other measures of cross-border financial flows can be found in:
"A New
Measure of Financial Openness", Journal of Comparative Policy Analysis , Volume 10, Issue 3 September 2008 , p. 309 -
322. Note that this paper uses the 2007 version of the dataset (containing
data up to only 2005), which will differ from the current version of the
dataset. When you use the index, please acknowledge our JDE or JCPA paper (see below) as the data source. We are not responsible
for the results of the estimations that use the index. Although the index is
based on the information released by the International Monetary Fund, the
index is not associated with the Fund. All the errors of the index are the
authors’ own. All rights reserved. If you still have questions after reading
the Note, please contact Hiro Ito (ito@pdx.edu). The trilemma indexes (Aizenman, Chinn, Ito,
2008) are available here. |
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Related Literature Chinn, Menzie D. and
Hiro Ito (2008). "A New Measure of
Financial Openness". Journal
of Comparative Policy Analysis, Volume
10, Issue 3, p. 309 – 322 (September). Ito, Hiro (2006). "Financial Development in Asia: Thresholds,
Institutions, and the Sequence of Liberalization". North American Journal of Economics and
Finance, issue 17(3) (December). Chinn, Menzie D. and
Hiro Ito (2006)."What Matters for Financial
Development? Capital Controls, Institutions, and Interactions," Journal of Development Economics, Volume 81,
Issue 1, Pages 163-192 (October). The longer version is available as NBER
Working Paper No. 11370 (May 2005). The previous version is "Capital Account Liberalization, Institutions and
Financial Development: Cross Country Evidence," (with Menzie Chinn)
NBER Working Paper Series, #8967 (June 2002). |
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August 5, 2010