Managing the Capital Account
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.
|Date of creation:||Dec 2005|
|Date of revision:|
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"Capital Account Liberalization and Economic Performance: Survey and Synthesis,"
IMF Working Papers
02/120, International Monetary Fund.
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"Controls on capital inflows: do they work?,"
Journal of Development Economics,
Elsevier, vol. 63(1), pages 59-83, October.
- 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.
- 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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NBER Working Papers
7413, National Bureau of Economic Research, Inc.
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