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Capital Account Liberalization and Management

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  • Ocampo José Antonio

Abstract

This paper reviews the history and controversies associated with capital account management. It first looks at the transition from the acceptance at the Bretton Woods conference of capital account regulations as a normal policy instrument to the liberalization of the capital account, first in developed countries and later in developing countries. This is followed by an analysis of the risks of capital account liberalization, particularly for emerging and developing countries, and the role and experience of capital account regulations as a complementary instrument of counter-cyclical macroeconomic policy, and as a financial stability tool . as part of the family of .macroprudential regulations.

Suggested Citation

  • Ocampo José Antonio, 2015. "Capital Account Liberalization and Management," WIDER Working Paper Series 048, World Institute for Development Economic Research (UNU-WIDER).
  • Handle: RePEc:unu:wpaper:wp2015-048
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    File URL: https://www.wider.unu.edu/sites/default/files/wp2015-048.pdf
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    References listed on IDEAS

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    Cited by:

    1. Maurice Obstfeld & Alan M. Taylor, 2017. "International Monetary Relations: Taking Finance Seriously," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 3-28, Summer.
    2. Martin Guzman & Jose Antonio Ocampo & Joseph E. Stiglitz, 2017. "Real Exchange Rate Policies for Economic Development," NBER Working Papers 23868, National Bureau of Economic Research, Inc.

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    Keywords

    Accounting; Capital; Financial institutions; International;

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