Liberalization of the Capital Account: Experiences and Issues [NOOK Book]

Overview

This study explores the industrial and developing countries' use of capital controls since World War II, including their rationales for using them, and describes their experiences with relaxing controls as part of broader liberalization and structural reform efforts. The papers also outlines the potential medium-term costs and benefits of an open capital account and the policy measures that would help sustain capital account convertibility.
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Liberalization of the Capital Account: Experiences and Issues

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Overview

This study explores the industrial and developing countries' use of capital controls since World War II, including their rationales for using them, and describes their experiences with relaxing controls as part of broader liberalization and structural reform efforts. The papers also outlines the potential medium-term costs and benefits of an open capital account and the policy measures that would help sustain capital account convertibility.
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Product Details

  • ISBN-13: 9781452763095
  • Publisher: INTERNATIONAL MONETARY FUND
  • Publication date: 3/15/1993
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 2 MB

Table of Contents

Preface
I Introduction 1
II Restrictions on Capital Account Transactions 4
Types of Capital Controls
Rationales for Capital Controls
Limiting Volatile Short-Term Capital Flows
Retention of Domestic Savings
Maintenance of the Domestic Tax Base
Capital Controls and Stabilization and Structural Reform Programs
III Effectiveness of Capital Controls 8
Channels for Evading Capital Controls
Experiences with Capital Controls
Industrial Countries
Developing Countries
IV Implications of the Reduced Effectiveness of Capital Controls 18
Cost of Maintaining Capital Controls
Constraints on the Formulation of Macroeconomic and Structural Policies
Potential Benefits of a More Open Capital Account
V Establishing Capital Account Convertibility 22
Experiences with Capital Account Liberalization
Industrial Countries
Developing Countries
Failure of Capital Account Liberalization in the Southern Cone
Mexican Experience
Implications of Capital Account Liberalization for Asset Prices and Capital Flows
Preconditions for Establishing Capital Account Convertibility
Appendix: Capital Flight and Capital Controls 34
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