IDEAS home Printed from https://ideas.repec.org/a/bla/devpol/v19y2001i1p121-141.html
   My bibliography  Save this article

Capital Account Convertibility, Poor Developing Countries, and International Financial Architecture

Author

Listed:
  • Christopher L. Gilbert
  • Gregor Irwin
  • David Vines

Abstract

Capital account liberalisation can deliver modest benefits to poor countries. However, the attainment of these benefits depends on prior or simultaneous liberalisation of the banking sector, and on policy and institutional quality. By itself, liberalisation of the capital account will deliver relatively little. It is inconsistent with pegged exchange rates. This all suggests caution. Capital account liberalisation also leaves poor countries more vulnerable to crises. This vulnerability should form part of the agenda of the multilateral agencies. This article argues that debt standstills are the appropriate instrument to deal with this problem; the negotiation of such procedures is an important issue for the IMF in the coming years.

Suggested Citation

  • Christopher L. Gilbert & Gregor Irwin & David Vines, 2001. "Capital Account Convertibility, Poor Developing Countries, and International Financial Architecture," Development Policy Review, Overseas Development Institute, vol. 19(1), pages 121-141, March.
    • Handle: RePEc:bla:devpol:v:19:y:2001:i:1:p:121-141
    DOI: 10.1111/1467-7679.00127
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/1467-7679.00127
    Download Restriction: no
    File URL: https://libkey.io/10.1111/1467-7679.00127?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. repec:ilo:ilowps:388773 is not listed on IDEAS
    2. Hoeven, Rolph van der. & Lübker, Malte., 2006. "Financial openness and employment the need for coherent international and national policies," ILO Working Papers 993887733402676, International Labour Organization.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:devpol:v:19:y:2001:i:1:p:121-141. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/odioruk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.