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Use and Liberalisation of Capital Controls: Country Experiences and Issues


  • R. Barry Johnston
  • Jorge Ivan Canales-Kriljenko


This paper reviews the issues involved in the use and liberalisation of capital controls, as experienced by some of the IMF member countries. Apart from reviewing the nature and scope of capital controls, it delves into the theoretical considerations in the use of capital controls, speed and sequencing of capital account liberalisation in the crisis-hit economies of Indonesia, Korea and Thailand. Lastly, it examines the crucial role of prudential regulation and a consistent monetary and exchange rate policy in the sequencing of liberalisation.

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  • R. Barry Johnston & Jorge Ivan Canales-Kriljenko, 1999. "Use and Liberalisation of Capital Controls: Country Experiences and Issues," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ28.
  • Handle: RePEc:sea:opaper:occ28

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    References listed on IDEAS

    1. Michael F. Bryan & Stephen G. Cecchetti, 1994. "Measuring Core Inflation," NBER Chapters,in: Monetary Policy, pages 195-219 National Bureau of Economic Research, Inc.
    2. Martin S. Feldstein, 1997. "The Costs and Benefits of Going from Low Inflation to Price Stability," NBER Chapters,in: Reducing Inflation: Motivation and Strategy, pages 123-166 National Bureau of Economic Research, Inc.
    3. Andreas Fischer, 1993. "Inflation Targeting: The New Zealand and Canadian Cases," Cato Journal, Cato Journal, Cato Institute, vol. 13(1), pages 1-27, Spring/Su.
    4. Miguel A Savastano & Paul R Masson & Sunil Sharma, 1997. "The Scope for Inflation Targeting in Developing Countries," IMF Working Papers 97/130, International Monetary Fund.
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