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Liberalization of the Capital Account
Author: Mr.Donald J. Mathieson
Publisher: International Monetary Fund
Published: 1992-06-01
Total Pages: 60
ISBN-13: 1451973756
DOWNLOAD EBOOK →This paper reviews the experience with capital controls in industrial and developing countries, considers the policy issues raised when the effectiveness of capital controls diminishes, examines the medium-term benefits and costs of an open capital account, and analyzes the policy measures that could help sustain capital account convertibility. As the effectiveness of capital controls eroded more rapidly in the 1980s than in earlier periods, new constraints were placed on the formulation of stabilization and structural reform programs. However, experience suggests that certain macroeconomic, financial, and risk management policies would allow countries to attain the benefits of capital account convertibility and reduce the financial risks created by an open capital account.
One Currency, Two Markets
Author: Edwin L.-C. Lai
Publisher: Cambridge University Press
Published: 2021-07-08
Total Pages: 347
ISBN-13: 1108491685
DOWNLOAD EBOOK →Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.
Capital Account Liberalization and Inequality
Author: Davide Furceri
Publisher: International Monetary Fund
Published: 2015-11-24
Total Pages: 26
ISBN-13: 1513531409
DOWNLOAD EBOOK →This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also find that the level of financial development and the occurrence of crises play a key role in shaping the response of inequality to capital account liberalization reforms.
Financial Liberalization and the Capital Account
Author: Pedro Alba
Publisher: World Bank Publications
Published: 1999
Total Pages: 68
ISBN-13:
DOWNLOAD EBOOK →Thailand's economic crisis in 1997 was fundamentally one of private sector debt, rooted in private behavior that affected the magnitude and composition of investment and how it was financed. Thailand's crisis provides further evidence that financial liberalization must be carefully managed because, by increasing competition, it lowers the franchise value of existing financial institutions and creates incentives for unsound banking practices.
Who Needs to Open the Capital Account
Author: Olivier Jeanne
Publisher: Peterson Institute
Published: 2012
Total Pages: 147
ISBN-13: 0881326488
DOWNLOAD EBOOK →Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account opening has occurred, with the result that all developed and many emerging-market countries now have capital accounts that are both de facto and de jure open, while many developing countries also have de facto openness. This study examines this in part by considering some of the first lessons from the current global financial crisis. This crisis may change the terms of the debate on capital account liberalization in a deeper and more lasting way than any of the crises of the past two decades because it may mark a reversal in the secular trend of financial liberalization at the core of the international financial system. The current crisis also raises new questions about the appropriate policy responses to boom-bust dynamics in domestic credit and in international credit flows. Intellectual consistency is needed between the domestic and international dimensions of financial regulation and the policies aimed at dealing with boom-bust dynamics in domestic and international credit.
Liberalization of the Capital Account
Capital Account Liberalization
Author: Christoph Yew
Publisher: GRIN Verlag
Published: 2010-07-02
Total Pages: 93
ISBN-13: 3640653564
DOWNLOAD EBOOK →Diploma Thesis from the year 2008 in the subject Business economics - Economic Policy, grade: 2.0, University of Osnabrück (Fachbereich Außenwirtschaft), language: English, abstract: During the recent decades, many countries decided to get access to international financial markets by liberalizing their capital accounts. As we will see in this paper, the issues of liberalization are very complex. Many different areas like, for example, growth, inflation or the labor market are affected by it. For some areas, empirical research supports theory and delivers sustainable and significant results. For others, theory is inconsistent or not supported by evidence from the real world. Some special ones, like for instance welfare or productivity, even show that it is important to split up the results to see whose welfare is increased or which's branch productivity is affected. Another interesting point is the connection between crises and capital account liberalization. Due to the financial crises that occurred in the aftermath of liberalization the concept has been controversially debated by academics for a long time. The real connection between these two issues is not yet clear. The structure of this paper is as follows. Section 2 will give short case studies of countries that liberalized their capital account. Section 3 is meant to endow the reader with some basic tools that will be important for the understanding of the concepts that will be presented later on in this paper. This includes definitions and conceptual ideas about measuring capital account liberalization. Section 4 focuses on the theory and empirical findings. In that section, the effects of liberalization on various macroeconomic variables will be presented. Section 5 follows the thoughts of the prior one by having a look at the implications that can be concluded from the theoretical and empirical findings that have been presented in the prior chapter. Section 6 discusses capital account liberalization with r
Capital Market Liberalization and Development
Author: Joseph E. Stiglitz
Publisher: Oxford University Press, USA
Published: 2008-05
Total Pages: 388
ISBN-13: 0199230587
DOWNLOAD EBOOK →Capital market liberalization has been a key part of the ongoing debate on globalization. Bringing together leading researchers and practitioners in the field, this book provides a unique analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.
Sequencing Capital Account Liberalization
Author: Claudia Echeverria
Publisher: International Monetary Fund
Published: 1997-11-01
Total Pages: 116
ISBN-13: 1451857454
DOWNLOAD EBOOK →This paper examines issues in sequencing and pacing capital account liberalization and draws lessons from experience in four countries (Chile, Indonesia, Korea, and Thailand). The paper focuses on the interrelationship between capital account liberalization, domestic financial sector reforms, and the design of monetary and exchange rate policy. It concludes that capital account liberalization should be approached as an integrated part of comprehensive reform strategies and should be paced with the implementation of appropriate macroeconomic and exchange rate policies.
