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Capital Flows, Capital Account Liberalisation and the Mediterranean Countries

  • Heather D. Gibson

    ()

    (Bank of Greece, Economic Research Department)

  • Nicholas T. Tsaveas

    (Bank of Greece, Economic Research Department)

  • Thomas Vlassopoulos

    (Bank of Greece, Economic Research Department)

This paper examines questions related to possible capital account liberalisation in the Mediterranean countries. First, we provide an overview of the extent to which these countries have capital controls along with their exchange rate regimes and some basic macroeconomic aggregates. Second, we examine the case for capital account liberalisation, along with the prerequisites for successful liberalisation. Here we consider issues such as sequencing and possible benefits of synchronisation. Finally, we examine the experience with capital flows – both FDI and other capital flows. We explain these flows and use the past experience of these countries to draw some conclusions for the successful opening up of the capital account.

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File URL: http://www.bankofgreece.gr/BogEkdoseis/Paper200633.pdf
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Paper provided by Bank of Greece in its series Working Papers with number 33.

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Length: 59 pages
Date of creation: Feb 2006
Date of revision:
Handle: RePEc:bog:wpaper:33
Contact details of provider: Web page: http://www.bankofgreece.gr

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  9. Heather D. Gibson, 2003. "Realignment probabilities and reputation effects in the EMS," Oxford Economic Papers, Oxford University Press, vol. 55(2), pages 314-335, April.
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  19. Michael Mussa & Giovanni Dell'Ariccia & Barry J. Eichengreen & Enrica Detragiache, 1998. "Capital Account Liberalization; Theoretical and Practical Aspects," IMF Occasional Papers 172, International Monetary Fund.
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  24. Alessandrini, Sergio & Resmini, Laura, 2000. "FDI in the Mediterranean Region: a Comparison with CEE Experience," MPRA Paper 26103, University Library of Munich, Germany.
  25. Elina Ribakova & Balázs Horváth & Dimitri G. Demekas & Yi Wu, 2005. "Foreign Direct Investment in Southeastern Europe; How (And How Much) Can Policies Help?," IMF Working Papers 05/110, International Monetary Fund.
  26. Jacques Miniane, 2004. "A New Set of Measures on Capital Account Restrictions," IMF Staff Papers, Palgrave Macmillan, vol. 51(2), pages 4.
  27. Badi H. Baltagi & Peter Egger & Michael Pfaffermayr, 2005. "Estimating Models of Complex FDI: Are There Third-Country Effects?," Center for Policy Research Working Papers 73, Center for Policy Research, Maxwell School, Syracuse University.
  28. Menzie D. Chinn & Hiro Ito, 2002. "Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence," NBER Working Papers 8967, National Bureau of Economic Research, Inc.
  29. Barry P. Bosworth & Susan M. Collins, 1999. "Capital Flows to Developing Economies: Implications for Saving and Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1), pages 143-180.
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