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Capital Account Liberalization and Financial Sector Stability

Author: Friedrich Ivan Schneider

Publisher:

Published: 2002

Total Pages: 94

ISBN-13: 9781589060852

This paper analyses the links between capital account liberalisation and other policies influencing financial sector stability. Drawing on country experiences, it develops an operational framework for the co-ordination of capital account liberalisation, particularly with structural policies to strengthen the domestic financial system.

Capital account liberalization and financial sector stability

Author: Staff Team

Publisher:

Published: 2002

Total Pages: 94

ISBN-13:

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One Currency, Two Markets

Author: Edwin L.-C. Lai

Publisher: Cambridge University Press

Published: 2021-07-08

Total Pages: 347

ISBN-13: 1108491685

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Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.

Advanced Country Experiences with Capital Account Liberalization

Author: Age Bakker

Publisher: International Monetary Fund

Published: 2002-09-26

Total Pages: 72

ISBN-13: 1589061179

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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?

What has Capital Liberalization Meant for Economic and Financial Statistics

Author: Mr.Robert M. Heath

Publisher: International Monetary Fund

Published: 2015-04-30

Total Pages: 31

ISBN-13: 1475518552

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The liberalization of capital flows both in the domestic economy and cross-border has been among the most important policies adopted by IMF member countries over recent decades. The impact has been wide-ranging. This paper looks at the impact on the field of economic and financial statistics in the past two decades, as statisticians have responded to the changing policy needs. The paper considers the historical context of changes that have occurred, draws out the key trends, and asks where these trends might lead statisticians in the foreseeable future. The paper considers that there has been nothing short of a revolution in the field of economic and financial statistics over the past two decades led by a need for greater transparency; greater standardization; new data sets to support understanding of financial interconnections and financial sector risks; and the strengthening of the governance of the statistical function through greater independence of statistical agencies.

Financial Risks, Stability, and Globalization

Author: Mr.Omotunde E. G. Johnson

Publisher: International Monetary Fund

Published: 2002-04-29

Total Pages: 576

ISBN-13: 9781589060128

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This book covers financial sector stability issues in the following areas: risk management and governance in financial institutions; financial crises and contagion; domestic monetary and financial policies; and international cooperation. The papers were presented at the IMF’s eighth Central Banking Seminar by authors from academia, investment banks, government, and international institutions. The papers discuss such subjects as bank soundness, systemic bank restructuring, and the safety and efficiency of systemically important payment systems and their interaction with the macroeconomic environment.

Capital Account Liberalization

Author: Mr.Giovanni Dell'Ariccia

Publisher: International Monetary Fund

Published: 1998-09-30

Total Pages: 74

ISBN-13: 9781557757777

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Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be limited through a combination of sound macroeconomic and prudential policies.

Effects of Capital Flow Liberalization

Author: Tahsin Saadi Sedik

Publisher: International Monetary Fund

Published: 2012-11-16

Total Pages: 27

ISBN-13: 1589068033

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This paper analyzes the experiences of emerging market economies (EMEs) that have liberalized capital flows over the past 15 years with respect to macroeconomic performance and risks to financial stability. The results of the panel data regressions indicate that greater openness to capital flows is associated with higher growth, gross capital flows, and equity returns and with lower inflation and bank capital adequacy ratios. The effects vary depending on thresholds. As a potential application of these findings, the paper explores the possible effects of liberalization on China by applying the coefficients of explanatory variables to the corresponding variables of China in 2012–16.

Beyond Capital Ideals

Author: Gerard Caprio

Publisher: World Bank Publications

Published: 1999

Total Pages: 46

ISBN-13:

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"Hard on the heels of Mexico's crisis in 1994, a wave of financial crises swept across emerging economies-- from East Asia and Russia to Brazil-- bringing the fragility of banking and finance into unprecedented focus. What has gone wrong?--Cover.

Capital Account Liberalization and Stability of Capital Markets in India - An Empirical Analysis

Author: Lerkshmi R. Nair

Publisher:

Published: 2014

Total Pages: 30

ISBN-13:

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This paper examines the implications of capital account liberalization on the stability of capital markets in India using monthly data for the period 1993-94 to 2007-08. Based on the IMF World Bank framework (2005) to monitor financial sector stability, the stability of capital markets is captured in terms of two indicators, the market liquidity indicator and market volatility. The empirical analysis, after controlling for other variables affecting the stability of capital markets, shows that capital account liberalization; particularly foreign portfolio investment liberalization has not contributed significantly to market liquidity whereas it has contributed significantly to increased market volatility. Thus this study suggests that the opening up of capital account might have made the capital markets more vulnerable to the fluctuations of cross border movements of capital without achieving the benefits. These results are particularly relevant since India opened its financial markets to Foreign Portfolio flows at an earlier stage of its reform process much before the development of domestic financial markets unlike the sequencing pattern flowed by most countries that were undergoing similar process of liberalization. Further, these results have important policy implications since the choice of an attitude towards full capital account convertibility in India has become a debateful issue.