Notes on the
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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). This update is based on AREAER 2018, which contains the information on regulatory restrictions on cross-border financial transactions as of the end of 2017.
[1] M. Chinn,et al. A New Measure of Financial Openness , 2008 .
[2] T. W. Anderson. An Introduction to Multivariate Statistical Analysis, 2nd Edition. , 1985 .