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Capital controls and exchange rate stability in developing countries

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  • Reuven Glick
  • Michael Hutchison

Abstract

A large literature on the appropriate sequencing of financial liberalization suggests that removing capital controls prematurely may contribute to currency instability. This paper investigates whether legal restrictions on international capital flows are associated with grated currency stability.

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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2001)
Issue (Month): jul20 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2001:i:jul20:n:2001-21

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Keywords: Capital movements ; Foreign exchange rates ; Developing countries;

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Cited by:
  1. Sebastian Edwards, 2009. "Sequencing of reforms, financial globalization, and macroeconomic vulnerability," NBER Chapters, in: Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR National Bureau of Economic Research, Inc.
  2. Mohammad Karimi & Marcel-Cristian Voia, 2011. "Identifying Extreme Values of Exchange Market Pressure," Carleton Economic Papers 11-10, Carleton University, Department of Economics.
  3. Hale, Galina & Arteta, Carlos, 2009. "Currency crises and foreign credit in emerging markets: Credit crunch or demand effect?," European Economic Review, Elsevier, vol. 53(7), pages 758-774, October.
  4. Robert-Paul Berben & Jan Marc Berk, 2002. "Requirements for successful currency regimes: the Dutch and Thai experiences," MEB Series (discontinued) 2002-16, Netherlands Central Bank, Monetary and Economic Policy Department.
  5. Aßmann, Christian, 2011. "Assessing the effect of current account and currency crises on economic growth," BERG Working Paper Series 80, Bamberg University, Bamberg Economic Research Group.
  6. Michael M. Hutchison, . "A Cure Worse Than The Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs," EPRU Working Paper Series 01-09, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  7. Ramon Moreno, 2001. "Capital controls and emerging markets," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue aug31.
  8. Moore, Winston, 2010. "Managing the Process of Removing Capital Controls: What Does the Literature Suggest?," MPRA Paper 21584, University Library of Munich, Germany.

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