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Cracking the Emerging Markets Enigma$
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G. Andrew Karolyi

Print publication date: 2015

Print ISBN-13: 9780199336623

Published to Oxford Scholarship Online: June 2015

DOI: 10.1093/acprof:oso/9780199336623.001.0001

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Foreign Accessibility Restrictions

Foreign Accessibility Restrictions

Chapter:
(p.85) 6 Foreign Accessibility Restrictions
Source:
Cracking the Emerging Markets Enigma
Author(s):

G. Andrew Karolyi

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199336623.003.0006

This chapter focuses on the constraints imposed on the flow of foreign capital that could supplant the underfunding of potential growth opportunities by local capital. This fundamental risk indicator is built using both de jure and de facto measures of capital account openness. De jure, or “on paper” measures, include the existence of foreign investor registration requirements, foreign currency convertibility restrictions, or withholding taxes on dividends and interest income from foreign investments. These are traditionally linked to the direct channels through which financial globalization plays a role in economic growth. De facto measures of foreign access are those that are not ordained by law, but that add complications for foreign investors and inhibit the ability of doing business in a hassle-free manner. The recent case study of China’s Spreadtrum Communications and its opportunities and challenges as a US-listed stock illustrates both measures of foreign access.

Keywords:   investor ownership limits, registration requirements, currency convertibility restrictions, international cross-listings, other accessibility restrictions

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