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.
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- 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.
- 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.
- Sebastian Edwards, 1999.
"How Effective Are Capital Controls?,"
Journal of Economic Perspectives,
American Economic Association, vol. 13(4), pages 65-84, Fall.
- Torsten SlÃ¸k & Michael Klein & Luca Antonio Ricci & Hali J. Edison, 2002.
"Capital Account Liberalization and Economic Performance; Survey and Synthesis,"
IMF Working Papers
02/120, International Monetary Fund.
- Hali J. Edison & Michael W. Klein & Luca Antonio Ricci & Torsten Sløk, 2004. "Capital Account Liberalization and Economic Performance: Survey and Synthesis," IMF Staff Papers, Palgrave Macmillan, vol. 51(2), pages 2.
- 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.
- Sebastian Edwards, 2000. "Interest Rates, Contagion and Capital Controls," NBER Working Papers 7801, National Bureau of Economic Research, Inc.
- 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.
- Salvador ValdÃ©s-Prieto & Marcelo Soto, 1998. "The Effectiveness of Capital Controls: Theory and Evidence from Chile," Empirica, Springer, vol. 25(2), pages 133-164, January.
- 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.
- 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.
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