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Liberalizing Capital Movements; Some Analytical Issues

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  • International Monetary Fund

Abstract

This paper addresses the potential gains and risks of open capital markets by first looking at what classical economic theory suggests aboutthe benefits of capital mobility and then examining the counterargumentsarising from problems of incomplete information and other distortions.It shows that the risks of removing controls on flows of capital acrossnational borders are similar to those associated with removing controlson domestic financial institutions. The paper then explores how to manageliberalization to minimize the risks and maximize the benefits.

Suggested Citation

  • International Monetary Fund, 2005. "Liberalizing Capital Movements; Some Analytical Issues," IMF Economic Issues 17, International Monetary Fund.
  • Handle: RePEc:imf:imfeci:17
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=30741
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    Cited by:

    1. Winston Moore, 2014. "Managing The Process Of Removing Capital Controls: What Does The Literature Suggest?," Journal of Economic Surveys, Wiley Blackwell, vol. 28(2), pages 209-237, April.

    More about this item

    Keywords

    Capital controls; Capital flows; Capital markets; capital account liberalization; moral hazard; financial markets; financial liberalization; capital markets;

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