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Friday, July 31, 2020 | History

1 edition of Sequencing capital account liberalization found in the catalog.

Sequencing capital account liberalization

Sequencing capital account liberalization

lessons from the experiences in Chile, Indonesia, Korea, and Thailand.

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Published by International Monetary Fund in Washington, D.C .
Written in English


Edition Notes

Includes bibliographical references.

SeriesIMF working paper -- WP/97/157
ContributionsInternational Monetary Fund.
The Physical Object
Pagination115 p. ;
Number of Pages115
ID Numbers
Open LibraryOL17524453M

book, firmly in the gradualist camp, argued that this kind of strategy was misguided, and that gradual sequencing, with foreign bank entry and capital account liberalization in particular coming last, was necessary (McKinnon ). He made some passing remarks about institutional preconditions, such as the need to establish aFile Size: KB.   Forty-five chapters are divided into five parts: capital account liberalization: potential gains; sequencing of capital account liberalization; role of capital controls to manage risks; effectiveness of capital controls as a short-run policy tool; measurement of capital mobility and capital controls. ([umlaut] Ringgold, Inc., Portland, OR).

Machine-readable bibliographic record - MARC, RIS, BibTeX Document Object Identifier (DOI): /w Published: Klein, Michael W. and Giovanni P. Olivei. "Capital Account Liberalization, Financial Depth, and Economic Growth." Journal of International Money and Fina 6 (October ): sequencing of reforms to develop domestic financial markets, and how these reforms should be coordinated with capital account liberalization. While there is a rich literature on capital account issues, an attempt has not been made to provide an overarching framework for financialCited by:

Capital Account Liberalization for a Small, Open Economy - The Case of Vietnam Andreas Hauskrecht and Nhan Le1, ABSTRACT We survey the ongoing debate on pros and cons for an early and comprehensive liberalization of capital flows by emerging economies. We examine the main theoretical. the exchange rate regime must be taken into account in the assessing opportunities of capital account liberalization (Mongrué and Robert, , p). A series of papers treated, since the late, in the contextes of the southern Mediterranean and MENA countries, the links between capital account liberalization and exchange rate regime.


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Sequencing capital account liberalization Download PDF EPUB FB2

One of the central policy and operational questions for countries reforming their financial systems is how to sequence the reforms so as to maximize the benefits of liberalization and contain its risks. This book is concerned with the analytical and operational aspects of. This paper examines issues in sequencing and pacing capital account liberalization and draws lessons from experience in four countries (Chile, Indonesia, Korea, and Thailand).

The paper focuses on the interrelationship between capital account liberalization, domestic financial sector reforms, and the design of monetary and exchange rate policy. Downloadable. This paper reviews Japan's experiences with the liberalization of capital accounts, and tries to identify their implications to China.

Liberalization of capital accounts proceeded very gradually in Japan from the adoption of a system of general prohibition of foreign exchange and capital transactions in through the shift to a generally liberalized system in A capital account liberalization is a decision by a country’s government to move from a closed capital account regime, where capital may not move freely in and out of the country, to an open capital account system in which capital can enter and leave at will.

Get this from a library. Sequencing capital account liberalization: lessons from the experiences in Chile, Indonesia, Korea, and Thailand. [R B Johnston; Salim M Darbar; Claudia Echeverria; International Monetary Fund.

Monetary and Exchange Affairs Department.]. There is a hot debate in China now about whether Chinese government should speed up the capital account opening, and we argue against this idea for several reasons.

The further liberalization of Chinese capital account should follow an appropriate sequencing. Price-based tools should replace the traditional quantitative by: 1.

Sequencing Capital Account Liberalization: Lessons from the Experiences in Chile, Indonesia, Korea and Thailand - WP/97/ Created Date 12/6/ AM. Get this from a library. Sequencing capital account liberalization: lessons from the experiences in Chile, Indonesia, Korea, and Thailand. [R B Johnston; Salim M Darbar; Claudia Echeverria; International Monetary Fund.

Monetary and Exchange Affairs Department.] -- Capital account liberalization can have significant benefits for economic growth and welfare. One of the central questions for countries reforming their financial systems is how to sequence the reforms so as to maximize the benefits of liberalization and contain its risks.

Edited by R. Barry Johnston and V. Sundararajan of the IMF's Monetary and Exchange Affairs Department, this book attempts to answer this and related questions by Brand: INTERNATIONAL MONETARY FUND. sequencing and pace of reform were ignored. As a result, in many countries, reform was implemented too fast—Stiglitz prefers gradualism—and in the wrong order.

(2) Advocating (and imposing) capital account liberalization was a huge mistake. And (3), the IMF response to crises—and in particular to the East Asian crisis—was a disaster. Finally, Chapter 6 evaluates the sequencing of capital account liberalization, drawing lessons from four emerging market economies that have experienced large capital inflows—those of Chile, Indonesia, Korea, and Thailand.

The impact of capital account liberalization on economic performance varied, and three of the countries experienced a. economy.

We also explore the consequences of these findings for the sequencing of reform. Keywords: Trade liberalization, Capital Account Liberalization, Financial Development.

JEL codes: F36, F43, O16, O † Braun gratefully acknowledges financial support from Fondecyt Chile # We also thank Andy. Consequences of the Pace and Sequencing of Capital Account Liberalization. The above analysis argues for integrating capital account liberalization with the design of structural and macroeconomic policies.

Maximizing the benefits from capital account liberalization while minimizing the risks requires a comprehensive approach to reforms. It is a reminder of the importance of sequencing capital account liberalization with other policies associated with this larger process of economic and institutional development.

Literature A substantial literature has now adopted the Rajan-Zingales approach to testing forFile Size: KB. The degree of capital account liberalization in Malaysia and South Korea before and after the crisis were compared. It is difficult to determine whether capital controls or the implementation of an explicit IMF program led to improved economic performance.

The factors explaining the reluctance of East Asian economies to liberalize capital account transactions are discussed, Author: Yung Chul Park. After the completion of the capital account liberalization inTurkey recovered from two financial crises which occurred in and / This paper reviews Japan's experiences with the liberalization of capital accounts, and tries to identify their implications to China.

Liberalization of capital accounts proceeded very gradually in Japan from the adoption of a system of general prohibition of foreign exchange and capital transactions in through the shift to a generally liberalized system in Based on wide-ranging cross-country analysis and a number of detailed case studies, internationally recognized researchers analyze the effects on banking systems from opening up-how stability and efficiency improved, the relationship between capital account liberalization and internationalization of financial services, and the importance of the supporting framework for.

Abstract. Many emerging market economies have relaxed and removed statutory restrictions on capital account transactions and liberalized domestic financial markets to capture the benefits of capital inflows. 1 However, in a number of cases, capital account liberalization and ensuing capital surges seem to be associated with financial crises.

We also observe that, following capital Cited by: Chapter 3 reviews Japan’s experience with capital account liberalization, which systematically began with short-term capital inflows in followed by direct investment from to Liberalization of portfolio and other flows proceeded in the s until the process was completed inwhen the Foreign Exchange and Foreign Trade Control Law was revised to allow in Author: Shinji Takagi.

A review of the experience of five developing countries in reforming their financial systems illustrates the benefits and risks, and provides lessons on the factors which contribute to successful f #IMFBookstore.IV The Road to Capital Account Convertibility: Necessary Reforms, Policies and Pre-Conditions 16 IV.i Sequencing Current and Capital Account Liberalization 16 Conditions Necessary for an Orderly Liberalization of the Capital Account 20 Fiscal Policy, Monetary Policy, Sterilization and Exchange Rate Policy 25 Fiscal Control CONTENTS 1 CONCEPTS 2 2 THE CONTRAST BETWEEN AND 3 3 THE PROCESS OF LIBERALIZATION 11 Pace 11 Sequencing: Domestic Financial Liberalization 25 Sequencing: Capital-Account Liberalization 31 Inflows 32 Outflows 34 4 THE EFFECTS OF FINANCIAL LIBERALIZATION 36 Evidence for Financial Development and Growth