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HomeEconomyChinn-Ito Financial Open Index, updated to 2019

Chinn-Ito Financial Open Index, updated to 2019


We first constructed this index nearly 20 years ago!See website For data.

This is a map of financial opening in 2019 (standardized index, 1 to 0). The darker, the more open.

The description of the current data set is Ito and Chien (2021).

Itohiro I constructed this index because there was almost no single, widely available and continuously updated financial open indicator at the time, except Quinn (APSR, 1997) Measures, which had a more limited coverage at the time. Single dummy variable based on IMF (old) in Law In one of my early empirical analyses of financial development (Chinn, 2004, The doorless version is here). The Chinn-Ito index is based on the above-mentioned IMF legal classification, converted into a single index by using the first principal component (essentially a smoothing capital account component), and is related to financial development in order to assess the degree of financial openness of project development and financial development, published in JDE (2006) (Get help from many friends, including Ashok Mody, Antu Panini Murshid).

Quinn, Schindler and Akio Toyoda (International Monetary Fund Economic Review 2011) Provide early comparisons of measures.

source: Quinn, Schindler, Akio Toyoda (International Monetary Fund Economic Review, 2011).

In general, these measures move together. However, on an individual country/year basis, the correlation between KAOPEN index changes and other index changes is between 0.01 and 0.29 (the latter is significantly different from zero).

This is based on the Chin-Ito KAOPEN index (not standardized to [0,1].

source: Ito and Chien (2021).

In general, since the 2008 global financial crisis, less developed countries have experienced a certain degree of austerity. The tightening pattern of emerging market economies is not so obvious, but in general they will also tighten before 2019. In contrast, industrial countries have regained their previous level of openness after a slight decline.



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