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Current and Capital Account Convertibility

In: The Economics of Financial Reform in Developing Countries

Author

Listed:
  • Wilbert O. Bascom

    (State of Florida)

Abstract

While internal financial reform policies focus on the liberalization of domestic financial markets, external financial reform policies are concerned mainly with current and capital account convertibility. Current account convertibility permits the free exchange of a country’s currency for foreign currencies to finance international transactions in goods, services, and unrequited transfers. Capital account convertibility refers to the removal of controls on capital movements or the opening of the capital account of the balance of payments. There are, however, interesting relationships between these two types of reform policies, as well as between current and capital account convertibility.

Suggested Citation

  • Wilbert O. Bascom, 1994. "Current and Capital Account Convertibility," Palgrave Macmillan Books, in: The Economics of Financial Reform in Developing Countries, chapter 6, pages 69-83, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23372-4_6
    DOI: 10.1007/978-1-349-23372-4_6
    as

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