Advanced Country Experiences with Capital Account Liberalization

Business & Finance, Economics, Public Finance, Finance & Investing, Banks & Banking, Macroeconomics
Cover of the book Advanced Country Experiences with Capital Account Liberalization by Age Bakker, Bryan Mr. Chapple, INTERNATIONAL MONETARY FUND
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Author: Age Bakker, Bryan Mr. Chapple ISBN: 9781452733845
Publisher: INTERNATIONAL MONETARY FUND Publication: September 26, 2002
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Age Bakker, Bryan Mr. Chapple
ISBN: 9781452733845
Publisher: INTERNATIONAL MONETARY FUND
Publication: September 26, 2002
Imprint: INTERNATIONAL MONETARY FUND
Language: English

After the industrial countries established current account convertibility in the late1950s, they began to phase out their capital controls. Their efforts were slow and tentative at first, but built up considerable momentum by the 1980s as market-oriented economic policies gained popularity. This paper describes how national policymakers’ views of capital controls shifted over time, and how these controls have been closely related to regulation in other policy areas, such as banking and financial markets. As developing countries seek to liberalize their capital accounts to obtain the benefits of increased integration with the global economy, what lessons can be drawn from industrial countries’ diverse experiences with capital controls, and how can a country’s liberalization measures be sequenced to minimize disturbances to its exchange rate and monetary policies?

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After the industrial countries established current account convertibility in the late1950s, they began to phase out their capital controls. Their efforts were slow and tentative at first, but built up considerable momentum by the 1980s as market-oriented economic policies gained popularity. This paper describes how national policymakers’ views of capital controls shifted over time, and how these controls have been closely related to regulation in other policy areas, such as banking and financial markets. As developing countries seek to liberalize their capital accounts to obtain the benefits of increased integration with the global economy, what lessons can be drawn from industrial countries’ diverse experiences with capital controls, and how can a country’s liberalization measures be sequenced to minimize disturbances to its exchange rate and monetary policies?

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