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Sequencing Capital Account Liberalization

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  • Claudia Echeverria
  • Salim M. Darbar
  • R. B. Johnston
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    Abstract

    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.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=2413
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/157.

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    Length: 115
    Date of creation: 01 Nov 1997
    Date of revision:
    Handle: RePEc:imf:imfwpa:97/157

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    Cited by:
    1. Elina Ribakova, 2005. "Liberalization, Prudential Supervision, and Capital Requirements," IMF Working Papers 05/136, International Monetary Fund.
    2. Philippe DULBECCO & Jean-Pierre ALLEGRET & COURBIS, 1999. "Financial Liberalisation and Stability of the Financial System in Emerging Markets: the institutional dimension of financial crises," Working Papers 199918, CERDI.
    3. Bacchetta, Philippe & Aghion, Philippe & Banerjee, Abhijit, 2004. "Financial Development and the Instability of Open Economies," Scholarly Articles 4554209, Harvard University Department of Economics.
    4. Liu, Wan-Chun & Hsu, Chen-Min, 2006. "The role of financial development in economic growth: The experiences of Taiwan, Korea, and Japan," Journal of Asian Economics, Elsevier, Elsevier, vol. 17(4), pages 667-690, October.
    5. Constantinos Stephanou, 2008. "Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean," World Bank Other Operational Studies 6280, The World Bank.
    6. World Bank, 2008. "Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean," World Bank Other Operational Studies 8032, The World Bank.
    7. Goh, Ai-Ting & Olivier, Jacques, 2004. "Financing decisions of firms and central bank policy," Journal of International Money and Finance, Elsevier, Elsevier, vol. 23(7-8), pages 1187-1207.
    8. Fabrizio Carmignani & Abdur Chowdhury, 2005. "The Impact of Financial Openness on Economic Integration: Evidence from the Europe and the Cis," Working Papers, University of Milano-Bicocca, Department of Economics 88, University of Milano-Bicocca, Department of Economics, revised Apr 2005.
    9. Isriya Nitithanprapas & Sunil Rongala & Thomas D. Willett, 2002. "The Role of Capital Controls and Currency Regimes in the Asian Crisis," Claremont Colleges Working Papers, Claremont Colleges 2002-21, Claremont Colleges.

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