Measuring Capital Account Openness and Evidence on Targeted Equity-vs-Debt Liberalization

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Published Jun 23, 2026

We introduce the FinOpen index, a new non-binary measure of capital account openness. Our results show that opening first to equity—rather than debt—leads to more stable external financing, especially in countries with stronger institutions.

Speakers
Tobias Krahnke, Strategy, Policy and Review Department, IMF
Wenjie Li, Institute for Capacity Development, IMF