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Should the IMF Pursue Capital-Account Convertibility?


  • Fischer, S.
  • Cooper, R.N.
  • Dornbusch, R.
  • Garber, P.M.
  • Massad, C.
  • Polak, J.J.
  • Rodrik, D.
  • Tarapore, S.S.


In September 1997, at its Hong Kong meeting, the Interim Committee of the International Monetary Fund (IMF) adopted a statement on the liberalization of international capital movements. It asked the executive boeard of the Fund to complete work on an amendment to the IMF's Articles of Agreement that would make the liberalization of capital movements one of the purposes of the Fund and would extend the Fund's jurisdiction by requiring member governments to assume "carefully defined and consistently applied obligations" with regard to capital-account liberalization. In effect, the Interim Committee was recommending that the definition of currency convertibility in the Fund's Articles, which is currently limited to current-account transactions, be extended to capital-account transactions as well.

Suggested Citation

  • Fischer, S. & Cooper, R.N. & Dornbusch, R. & Garber, P.M. & Massad, C. & Polak, J.J. & Rodrik, D. & Tarapore, S.S., 1998. "Should the IMF Pursue Capital-Account Convertibility?," Princeton Essays in International Economics 207, International Economics Section, Departement of Economics Princeton University,.
  • Handle: RePEc:fth:priifi:207

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    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements


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