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Adopting Currency Convertibility: Experiences and Monetary Policy Considerations for Advanced Developing Countries

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  • Peter J. Quirk

Abstract

This paper analyses issues for developing countries with structurally sound balance of payments that are considering a move to full currency convertibility. The main experiences of industrial countries in their decontrol of international capital transactions are reviewed, with an emphasis on the implications for monetary policy. The paper deals both with stabilization, and the prudential issues, which are especially important in view of the potential for speculative bubbles. Respective roles of the international organizations, IMF, OECD, and the GATT, in assisting the capital liberalization process are discussed.

Suggested Citation

  • Peter J. Quirk, 1994. "Adopting Currency Convertibility: Experiences and Monetary Policy Considerations for Advanced Developing Countries," IMF Working Papers 1994/096, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1994/096
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    Cited by:

    1. Nan Li & Chris Papageorgiou & Tong Xu & Tao Zha, 2021. "The S-curve: Understanding the Dynamics of Worldwide Financial Liberalization," NBER Working Papers 28994, National Bureau of Economic Research, Inc.
    2. Siebert, Horst, 1995. "Ein Regelwerk für eine zusammenwachsende Welt," Kiel Discussion Papers 251, Kiel Institute for the World Economy (IfW Kiel).
    3. Siebert, Horst, 1997. "An institutional order for a globalizing world economy," Kiel Working Papers 807, Kiel Institute for the World Economy (IfW Kiel).

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