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Capital Account Liberalization; Theoretical and Practical Aspects

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  • Michael Mussa
  • Giovanni Dell'Ariccia
  • Barry J. Eichengreen
  • Enrica Detragiache

Abstract

Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be limited through a combination of sound macroeconomic and prudential policies.

Suggested Citation

  • Michael Mussa & Giovanni Dell'Ariccia & Barry J. Eichengreen & Enrica Detragiache, 1998. "Capital Account Liberalization; Theoretical and Practical Aspects," IMF Occasional Papers 172, International Monetary Fund.
  • Handle: RePEc:imf:imfocp:172
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