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Davide Furceri, Mr. Prakash Loungani, and Mr. Jonathan David Ostry

limitations. First, many studies look for permanent growth effects rather than examining the evolution of output in the aftermath of a discrete change in the capital account policy. Second, identifying the causal effect of capital account liberalization is empirically challenging using aggregate macro data, particularly since liberalization episodes often take place alongside other reforms. This paper takes a fresh look at the macro (output) and distributional (using the Gini coefficient and the labor share of income as proxies) impacts of capital account liberalization