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Capital controls and exchange rate stability in developing countries

Author

Listed:
  • Reuven Glick
  • Michael M. 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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Reuven Glick & Michael M. Hutchison, 2001. "Capital controls and exchange rate stability in developing countries," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jul20.
  • Handle: RePEc:fip:fedfel:y:2001:i:jul20:n:2001-21
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    File URL: http://www.frbsf.org/publications/economics/letter/2001/el2001-21.html
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    Cited by:

    1. 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.
    2. 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.
    3. Winston Moore, 2014. "Managing The Process Of Removing Capital Controls: What Does The Literature Suggest?," Journal of Economic Surveys, Wiley Blackwell, vol. 28(2), pages 209-237, April.
    4. Mohammad Karimi & Marcel Voia, 2015. "Identifying extreme values of exchange market pressure," Empirical Economics, Springer, vol. 48(3), pages 1055-1078, May.
    5. Aßmann, Christian, 2008. "Assessing the Effect of Current Account and Currency Crises on Economic Growth," Economics Working Papers 2008-01, Christian-Albrechts-University of Kiel, Department of Economics.
    6. Michael Hutchison, 2003. "A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs," NBER Chapters,in: Managing Currency Crises in Emerging Markets, pages 321-360 National Bureau of Economic Research, Inc.
    7. Ramon Moreno, 2001. "Capital controls and emerging markets," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue aug31.
    8. 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.

    More about this item

    Keywords

    Capital movements ; Foreign exchange rates ; Developing countries;

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F15 - International Economics - - Trade - - - Economic Integration
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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