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Towards Capital Account Convertibility

Author

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  • Bernhard Fischer
  • Helmut Reisen

Abstract

• Advanced developing countries are increasingly encouraged to remove existing capital controls, but mixed experiences with capital account opening caution that reform must be carefully designed to increase efficiency and growth without compromising stability • A gradual dismantling of capital controls is recommended, based on progress made in tax reform, exchange rate management, enforcement of bank competition and supervision, and solving domestic banks' bad-loan problems

Suggested Citation

  • Bernhard Fischer & Helmut Reisen, 1992. "Towards Capital Account Convertibility," OECD Development Centre Policy Briefs 4, OECD Publishing.
  • Handle: RePEc:oec:devaab:4-en
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    File URL: http://dx.doi.org/10.1787/332312815187
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    Cited by:

    1. Helmut Reisen, 1995. "Managing Temporary Capital Inflows: Lessons from Asia and Latin America," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 34(4), pages 395-427.
    2. Menzie Chinn & Michael Dooley, 1995. "National, regional and international capital markets: Measurement and implications for domestic financial fragility," International Finance 9508006, EconWPA.
    3. Sheng, Andrew & Yoon Je Cho, 1993. "Risk management and stable financial structures," Policy Research Working Paper Series 1109, The World Bank.
    4. Pappas, Anastasios P., 2010. "Capital Mobility and Macroeconomic Volatility: Evidence from Greece," The Journal of Economic Asymmetries, Elsevier, vol. 7(1), pages 101-121.
    5. Menzie Chinn & Michael Dooley, 1995. "Asia-Pacific Capital Markets: Measurement of Integration and the Implications for Economic Activity," NBER Working Papers 5280, National Bureau of Economic Research, Inc.
    6. Llanto, Gilberto M. & Intal, Ponciano Jr. S., 1998. "Financial Reform and Development in the Philippines, 1980-1997: Imperatives, Performance and Challenges," Philippine Journal of Development JPD 1998 Vol. XXV No. 1-a, Philippine Institute for Development Studies.
    7. Chinn, Menzie-D & Dooley, Michael-P, 1997. "Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 15(2), pages 81-103, December.
    8. Kim Kyung Soo, 2000. "Foreign Exchange Intervention For Internal Balance," International Economic Journal, Taylor & Francis Journals, vol. 14(4), pages 59-75.
    9. Oguz Esen, 2000. "Financial Openness in Turkey," International Review of Applied Economics, Taylor & Francis Journals, vol. 14(1), pages 5-23.
    10. Pappas, Anastasios, 2010. "Capital mobility and growth: Evidence from Greece," MPRA Paper 29105, University Library of Munich, Germany.
    11. Kobil Ruziev, 2012. "Emerging markets," Chapters,in: Handbook of Critical Issues in Finance, chapter 11, pages i-ii Edward Elgar Publishing.
    12. Yilmaz Akyüz, 1994. "Libéralisation financière : mythes et réalités," Revue Tiers Monde, Programme National Persée, vol. 35(139), pages 521-555.
    13. Louis Kasekende & Damoni Kitabire & Matthew Martin, 1998. "Capital Inflows and Macroeconomic Policy in Sub-Saharan Africa," Macroeconomics 9809005, EconWPA.
    14. Tony Cavoli & Ramkishen S. Rajan, 2005. "THE CAPITAL INFLOWS PROBLEM IN SELECTED ASIAN ECONOMIES IN THE 1990s REVISITED : THE ROLE OF MONETARY STERILIZATION," Finance Working Papers 22562, East Asian Bureau of Economic Research.
    15. Martín Redrado & Jorge Carrera & Diego Bastourre & Javier Ibarlucia (ed.), 2006. "The Economic Policy of Foreign Reserve Accumulation: New International Evidence," BCRA Paper Series, Central Bank of Argentina, Economic Research Department, number 02, December.
    16. Nurhan YENTÜRK, 1999. "SHORT-TERM CAPITAL INFLOWS AND THEIR IMPACT ON MACROECONOMIC STRUCTURE: TURKEY IN THE 1990s," The Developing Economies, Institute of Developing Economies, vol. 37(1), pages 89-113, March.
    17. Tarafás, Imre, 1995. "Monetáris politika - eszközök és feltételek
      [Monetary policy: instruments and conditions]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1024-1043.
    18. Katerina Smidkova, 2003. "The Emergence of Financial Markets in Transition: The Czech Experience," Macroeconomics 0304005, EconWPA.
    19. Diehl, Markus & Schweickert, Rainer, 1998. "Currency crises: Is Asia different?," Kiel Discussion Papers 309, Kiel Institute for the World Economy (IfW).
    20. J. Mohan Rao, 1998. "Development in the Time of Globalization," Working Papers wp1, Political Economy Research Institute, University of Massachusetts at Amherst.

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