Using a panel data set for international corporate bonds and capital account restrictions in advanced and emerging economies, we show that restrictions on capital inflows produce a substantial and economically meaningful increase in corporate bond spreads, with a one-standard-deviation increase in our capital controls index increasing spreads by up to 35 basis points. The effect of capital controls on inflows differs across firms and across countries; the effect is particularly strong for firms that face more restricted access to alternative sources of external financing. Our findings establish a novel channel through which capital controls affect economic outcomes.

中文翻译：

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资本控制与债务成本

使用针对先进和新兴经济体的国际公司债券和资本账户限制的面板数据集，我们表明，对资本流入的限制导致公司债券利差的大幅增长并在经济上有意义，而我们的资本控制则增加了一个标准差指数的点差增加了多达35个基点。资本管制对流入的影响在不同公司之间和不同国家之间都不同。对于面临更多外部资金来源限制的公司，这种影响尤其明显。我们的发现建立了一种新颖的渠道，通过该渠道资本控制可以影响经济成果。