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De la libéralisation à la gestion des flux de capitaux internationaux

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  • Bruno Cabrillac
  • Clément Marsilli
  • Sophie Rivaud

Abstract

After the collapse of the Bretton-Woods system, almost all advanced economies had, by the end of 80s implemented the floating exchange rate regime combined with capital flows liberalization. In emerging market economies, this mutation is still ongoing. Major financial disruptions due to both volatility and persistent procyclicality of flows have fueled the fear of floating and the reluctance to pursue the liberalization process. In addition, the two last global crises, namely 2008/09 and 2020, showed that sudden stops are related more to the global financial cycle than to country-specific fundamentals. International organizations, in particular the IMF, have adapted their recommendations: keeping financial account liberalization as the long-term objective but allowing for reversibility and integrating capital flows management measures in the economic policy toolbox. Classification JEL : F20, F21, F30, F32.

Suggested Citation

  • Bruno Cabrillac & Clément Marsilli & Sophie Rivaud, 2020. "De la libéralisation à la gestion des flux de capitaux internationaux," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 269-298.
    • Handle: RePEc:cai:refaef:ecofi_137_0269
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • F20 - International Economics - - International Factor Movements and International Business - - - General
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F30 - International Economics - - International Finance - - - General
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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