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Managing the Capital Account

  • Sebastián Edwards

The purpose of this paper is to examine the emerging and transition economies’ experience with capital account convertibility, capital account management and capital controls. Overall, the analysis suggests that policies aiming at controlling capital flows have been less effective—in terms of helping achieve their objectives—than claimed by their supporters. An econometric analysis also suggests that restricting capital mobility does not reduce the probability of experiencing a current account reversal. On the other hand, the degree of financial openness does not appear to be related to the intensity with which reversals affect real economic performance.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 338.

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Date of creation: Dec 2005
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Handle: RePEc:chb:bcchwp:338
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  1. Guillermo A. Calvo, 2003. "Explaining Sudden Stops, Growth Collapse and BOP Crises: The Case of Distortionary Output Taxes," NBER Working Papers 9864, National Bureau of Economic Research, Inc.
  2. Sebastian Edwards, 2000. "Interest Rates, Contagion and Capital Controls," NBER Working Papers 7801, National Bureau of Economic Research, Inc.
  3. Salvador Valdés-Prieto & Marcelo Soto, 1998. "The Effectiveness of Capital Controls: Theory and Evidence from Chile," Empirica, Springer, vol. 25(2), pages 133-164, January.
  4. De Gregorio, Jose & Edwards, Sebastian & Valdes, Rodrigo O., 2000. "Controls on capital inflows: do they work?," Journal of Development Economics, Elsevier, vol. 63(1), pages 59-83, October.
  5. Sebastian Edwards, 1999. "How Effective are Capital Controls?," NBER Working Papers 7413, National Bureau of Economic Research, Inc.
  6. Hali J. Edison & Michael W. Klein & Luca Ricci & Torsten Sloek, 2002. "Capital Account Liberalization and Economic Performance: Survey and Synthesis," NBER Working Papers 9100, National Bureau of Economic Research, Inc.
  7. 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.
  8. Sebastian Edwards & Raul Susmel, 2003. "Interest-Rate Volatility in Emerging Markets," The Review of Economics and Statistics, MIT Press, vol. 85(2), pages 328-348, May.
  9. Edwards, Sebastian, 2003. "Review of Joseph E. Stiglitz's Globalization and its Discontents: (W.W. Norton, New York and London)," Journal of Development Economics, Elsevier, vol. 70(1), pages 252-257, February.
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