Advanced Country Experiences With Capital Account Liberalization

Author : Age Bakker,Mr.Bryan Chapple
Publisher : International Monetary Fund
Page : 72 pages
File Size : 54,6 Mb
Release : 2002-09-26
Category : Business & Economics
ISBN : 9781589061170

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Advanced Country Experiences with Capital Account Liberalization by Age Bakker,Mr.Bryan Chapple Pdf

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?

Author : Age Bakker,Bryan Chapple
Publisher : Edward Elgar Publishing
Page : 282 pages
File Size : 44,6 Mb
Release : 2003-01-01
Category : Business & Economics
ISBN : 1781957487

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Capital Liberalization in Transition Countries by Age Bakker,Bryan Chapple Pdf

'This collection provides an excellent account of the diverging ways countries in varying parts of the world went about liberalizing capital flows. Case studies of transition countries are set against the background of more general studies analysing the Asian and Latin American experience, as well as the earlier liberalization processes in economically advanced countries. The reader gets a lively picture of the many pitfalls that beset the road to full capital liberalization and will realise that there is no single best way to liberalize. The authors strike one as unprejudiced and far from dogmatic, out to learn from experience rather than trying to impose some particular point of view.' - Hans Visser, Vrije Universiteit, Amsterdam, The Netherlands This significant new book provides a succinct overview of the essential policy issues surrounding capital liberalization. The book compares the experiences of transition economies in Europe with those of advanced nations, allowing the reader to examine the changing international economic and financial environment within which transition countries have to liberalize.

Author : Mr.Donald J. Mathieson,Ms.Liliana Rojas-Suárez
Publisher : International Monetary Fund
Page : 60 pages
File Size : 43,6 Mb
Release : 1992-06-01
Category : Business & Economics
ISBN : 9781451973754

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Liberalization of the Capital Account by Mr.Donald J. Mathieson,Ms.Liliana Rojas-Suárez Pdf

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.

Author : Ms.Inci Ötker,Mr.Akira Ariyoshi,Mr.Jorge Iván Canales Kriljenko,Mr.Karl Friedrich Habermeier,Mr.Andrei Kirilenko,Mr.Bernard Laurens
Publisher : International Monetary Fund
Page : 135 pages
File Size : 41,6 Mb
Release : 2000-05-17
Category : Business & Economics
ISBN : 9781557758743

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Capital Controls by Ms.Inci Ötker,Mr.Akira Ariyoshi,Mr.Jorge Iván Canales Kriljenko,Mr.Karl Friedrich Habermeier,Mr.Andrei Kirilenko,Mr.Bernard Laurens Pdf

This paper examines country experiences with the use and liberalization of capital controls to develop a deeper understanding of the role of capital controls in coping with volatile capital flows, as well as the issues surrounding their liberalization. Detailed analyses of country cases aim to shed light on the motivations to limit capital flows; the role the controls may have played in coping with particular situations, including in financial crises and in limiting short-term inflows; the nature and design of the controls; and their effectivenes and potential costs. The paper also examines the link between prudential policies and capital controls and illstrates the ways in which better prudential practices and accelerated financial reforms could address the risks in cross-border capital transactions.

Author : Mr.Tamim Bayoumi,Ms.Franziska Ohnsorge
Publisher : International Monetary Fund
Page : 32 pages
File Size : 42,9 Mb
Release : 2013-08-29
Category : Business & Economics
ISBN : 9781475591446

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Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China by Mr.Tamim Bayoumi,Ms.Franziska Ohnsorge Pdf

This paper assesses the implications of Chinese capital account liberalization for capital flows. Stylized facts from capital account liberalization in advanced and large emerging market economies illustrate that capital account liberalization has historically generated large gross capital in- and outflows, but the direction of net flows has depended on many factors. An econometric portfolio allocation model finds that capital controls significantly dampen cross-border portfolio asset holdings. The model also suggests that capital account liberalization in China may trigger net portfolio outflows as large domestic savings seek to diversify abroad.

Author : Donald J. Mathieson
Publisher : Unknown
Page : 60 pages
File Size : 42,5 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291212457

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Liberalization of the Capital Account by Donald J. Mathieson Pdf

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.

Author : Mr. Owen Evens,Peter J. Quirk
Publisher : International Monetary Fund
Page : 58 pages
File Size : 48,9 Mb
Release : 1995-10-06
Category : Business & Economics
ISBN : 9781452787343

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Capital Account Convertibility by Mr. Owen Evens,Peter J. Quirk Pdf

The paper summarizes the main issues arising from experiences of industrial and developing countries with capital account liberalization and it examines the IMF's treatment of capital controls in its surveillance, use of IMF resources, and technical assistance activities. Case studies of recent experiences with capital controls in Chile, Colombia, Malaysia, and Venezuela are presented.

Author : Friedrich Ivan Schneider,Shogo Ishii,Karl Friedrich Habermeier,Jorge Iván Canales-Kriljenko,Bernard Laurens,International Monetary Fund Staff,John Leimone,Judit Vadasz
Publisher : Unknown
Page : 94 pages
File Size : 44,9 Mb
Release : 2002
Category : Banks and banking
ISBN : 1589060857

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Capital Account Liberalization and Financial Sector Stability by Friedrich Ivan Schneider,Shogo Ishii,Karl Friedrich Habermeier,Jorge Iván Canales-Kriljenko,Bernard Laurens,International Monetary Fund Staff,John Leimone,Judit Vadasz Pdf

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.

Author : Ying Yirong,Jeffrey Yi-Lin Forrest
Publisher : CRC Press
Page : 0 pages
File Size : 54,5 Mb
Release : 2015-05-13
Category : Business & Economics
ISBN : 1498712266

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Capital Account Liberation by Ying Yirong,Jeffrey Yi-Lin Forrest Pdf

Along with the development of economic globalization, many countries have begun to relax their controls on their capital accounts. However, the recent financial crises in Latin American countries as well as the exchange rate crises in Southeast Asian countries have shown that there is major risk associated with capital account liberalization. This book details the benefits and risks of capital account liberalization and explains how to take an open-door policy at the appropriate time in order to reduce the risk to the lowest possible level. Supplying a complete mathematical analysis framework for the study of the problem of capital account liberalization, it presents a few important models that have been developed for the study of capital account liberalization. Next, the book examines the influence of capital account liberalization on the stability of financial markets by greatly expanding the scope of ordinary differential equation theory to the analysis of local stabilities. It conveys cutting-edge results while providing a general yet simple analysis framework, enriched with practical experiences from developing countries. This book applies the theory of limit cycles to the study of problems related to capital account liberalization and discusses the contagion of financial crises among different countries. Many problems related to capital account liberalization are formulated as optimization models, showing the fact that much broader economic issues can be solved by employing optimization methods. The book concludes by comparing the contagion effect of financial markets between nations with a relatively high degree of openness with those characterized by a moderate degree of openness. Explaining how to determine optimal capital inflows and outflows, this book provides you with the understanding required to accurately determine the characteristics, backgrounds, causes, and roles of capital account liberalization and relevant capital flows.

Author : Davide Furceri
Publisher : International Monetary Fund
Page : 26 pages
File Size : 53,7 Mb
Release : 2015-11-24
Category : Business & Economics
ISBN : 9781513531403

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Capital Account Liberalization and Inequality by Davide Furceri Pdf

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.

Author : Peter Blair Henry
Publisher : Unknown
Page : 0 pages
File Size : 44,9 Mb
Release : 2006
Category : Capital market
ISBN : OCLC:259233473

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Capital Account Liberalization by Peter Blair Henry Pdf

Author : Claudia Echeverria,Mr.Salim M. Darbar,Mr.R. B. Johnston
Publisher : International Monetary Fund
Page : 116 pages
File Size : 45,8 Mb
Release : 1997-11-01
Category : Business & Economics
ISBN : 9781451857450

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Sequencing Capital Account Liberalization by Claudia Echeverria,Mr.Salim M. Darbar,Mr.R. B. Johnston Pdf

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.

Author : Olivier Jeanne,Arvind Subramanian,John Williamson
Publisher : Peterson Institute
Page : 147 pages
File Size : 40,7 Mb
Release : 2012
Category : Business & Economics
ISBN : 9780881326482

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Who Needs to Open the Capital Account by Olivier Jeanne,Arvind Subramanian,John Williamson Pdf

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.

Author : Sebastian Edwards
Publisher : University of Chicago Press
Page : 699 pages
File Size : 53,9 Mb
Release : 2009-02-15
Category : Business & Economics
ISBN : 9780226184999

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Capital Controls and Capital Flows in Emerging Economies by Sebastian Edwards Pdf

Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. In Capital Controls and Capital Flows in Emerging Economies, an esteemed group of contributors examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations. In the aftermath of the East Asian currency crises of 1997, the authors consider mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability. This volume is essential reading for all those interested in emerging nations and the costs and benefits of restricting international capital flows.

Author : Edwin L.-C. Lai
Publisher : Cambridge University Press
Page : 347 pages
File Size : 46,7 Mb
Release : 2021-07-08
Category : Business & Economics
ISBN : 9781108491686

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One Currency, Two Markets by Edwin L.-C. Lai Pdf

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