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Capital account liberalization and the role of the IMF

Stanley Fischer

Capital account liberalization and the role of the IMF

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  • 18 Currently reading

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


Edition Notes

StatementStanley Fischer.
ContributionsInternational Monetary Fund.
The Physical Object
Pagination13 p. ;
Number of Pages13
ID Numbers
Open LibraryOL17460257M
OCLC/WorldCa37819642

The Independent Evaluation Office (IEO) was established in to conduct independent and objective evaluations of Fund policies and activities. Under its Terms of Reference, it is fully independent from the Management of the IMF and operates at arm's length from the Board of Executive Directors.   Capital account liberalization and the role of the IMF. Princeton Essays in International Finance (), 2. Google Scholar. (Pamphlet Series of the International Monetary Fund, No. 14). Google Scholar. Gururaj, B. N., et al. (). BIT by BIT—The silent liberalization of the capital account. In A. Reinisch Author: Prabhash Ranjan. Capital controls are residency-based measures such as transaction taxes, other limits, or outright prohibitions that a nation's government can use to regulate flows from capital markets into and out of the country's capital measures may be economy-wide, sector-specific (usually the financial sector), or industry specific (for example, "strategic" industries).   Controlled Capital Account Liberalization: A Proposal. by Eswar Mr. Prasad,Raghuram Rajan. IMF Policy Discussion Papers (Book 05) Thanks for Sharing! You submitted the following rating and review. We'll publish them on our site once we've reviewed : INTERNATIONAL MONETARY FUND.

Downloadable! Author(s): Menzie D. Chinn & Hiro Ito. Abstract: The empirical relationship between capital controls and the financial development of credit and equity markets is examined. We extend the literature on this subject along a number of dimensions. Specifically, we (1) investigate a substantially broader set of proxy measures of financial development; (2) create and utilize a.


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Capital account liberalization and the role of the IMF by Stanley Fischer Download PDF EPUB FB2

Capital Account Liberalization and the IMF Barry Eichengreen and Michael Mussa. including capital account liberalization, has played a significant role in crises to raise serious questions about whether and under what conditions such liberalization—particularly capital account liberalization—will be beneficial rather than harmful.

find that capital account liberalization reforms have typically increased the Gini coefficient by about percent in the very short term (1 year after the occurrence of a liberalization reform) and by about percent in the medium term (5 years after).

This paper examines the distributional impact of capital account liberalization. Using panel data for countries from towe find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term.

Capital account liberalization. At the beginning of the transition process, Czechoslovakia was the most centrally planned economy in Central Europe (Bakker and Chapple, ).This in part explains the authorities’ general propensity for rapid reforms, aided by recourse to foreign capital (Blejer and Coricelli, ).Following the division of the country into two republics, inthe Czech.

Additional Physical Format: Online version: Fischer, Stanley. Capital account liberalization and the role of the IMF. Washington, D.C.: International Monetary Fund, 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. Few issues have attracted as much controversy as the removal of controls on international capital flows—a process known as capital account liberalization.

The International Monetary Fund has been at the center of this controversy. The formal rules of the IMF provide member states with the right to. In this intelligent, well-researched and thought-provoking book Jeffrey Chwieroth addresses these questions, using the IMF's approach to capital account liberalization as a case study Capital Ideas is a truly multidisciplinary book whose author draws on economics, international political economy and sociology to explore how an Author: Jeffrey M.

Chwieroth. Get this from a library. The IMF's approach to capital account liberalization. [Shinji Takagi; International Monetary Fund. Independent Evaluation Office.;] -- This report reviews the IMF's approach to capital account liberalization and related issues, drawing on evidence from a sample of emerging market economies over the period The role of the.

In the IMF even proposed changing its charter to include a mandate to promote capital market liberalization. At the time, many other economists warned that open capital accounts would lead to volatility and increased risk without contributing to growth or stability. When Should Capital Account Liberalization Take Place.

Interventions and Capital Controls. The IMF & Capital Account Liberalization History - An Amendment for the Articles of Agreement The Effects of the Asian Crisis Consistency Different Policy Issues Exchange Rate Policy Capital.

This paper takes as its point of departure a recent IMF paper, to provide insights both into how the IMF could have gone so wrong in its advocacy of capital-market liberalization and into why. 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.

Capital Account Convertibility and Risk Management in India by R Sy Amadou N This paper takes a closer look at the prudential and regulatory measures needed to prepare India's financial system to manage the risks arising from fuller capital account convertibility (FCAC).

Chart 1 shows the impact over a five-year period of capital account liberalization on inequality, as measured by the Gini Coefficient. Our measure of capital account openness is the Chinn-Ito index, which measures a country’s openness based on the restrictions on cross-border financial transactions reported by the IMF.

Capital account liberalization and inequality: The role of skill level and financial depth nuanced policy implications in the context of between-country heterogeneities. Thirdly, by considering the possibility that incoming technology may require below-average skill levels, I can demonstrate that capital account openings possibly reduce.

This chapter looks at the transition from the acceptance at Bretton Woods of capital account management as a normal policy instrument to the liberalization of the capital account, first in developed countries and later in developing countries. It then analyses the risks of capital account liberalization, particularly the relation between capital account liberalization and the boom–bust.

This book provides a comprehensive review of recent economic developments in South Africa and the structural and policy challenges facing the authorities. Individual papers examine a range of topics such as unemployment and the labor market, recent trends in the private saving rate, the role of foreign direct investment in the development of South Africa's economy, the human and economic.

In sum, both proponents and critics of capital account liberalization saw a stronger role for the Fund throughout the years. 55 However, they disagreed on the reasons and means for conveying more oversight and enforcement powers to the IMF. As a result, formal jurisdiction over capital account policies has never been : Menno Broos, Sebastian Grund.

Edison, Klein, Ricci, and Sloek: w Capital Account Liberalization and Economic Performance: Survey and Synthesis: Kaminsky and Schmukler: w Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization: Henry: w Capital Account Liberalization, The Cost of Capital, and Economic Growth: Klein: w Capital Account Openness and the Varieties of Growth Experience.

Capital market liberalization, especially the rules governing short-term cross-border capital flows, is one of the most controversial aspects of globalization. The IMF and the US Treasury have tried to push capital market liberalization around the world, encountering enormous opposition from developing countries as well as from economists who are less enamored with the tenets of market.

Specific heterodox issues are an efficient national accounting framework, the reduction of risk (insurance) and the impact of international institutions (IMF) on domestic economies. In the last part of the book, the authors torpedo the infamous IMF policy of capital market liberalization (CML).Cited by: Read this book on Questia.

The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have not changed significantly since the IMF was founded in A Pragmatic Approach to Capital Account Liberalization Eswar S.

Prasad and Raghuram G. Rajan I n the mids, mainstream economists of nearly all stripes commonly recommended capital account liberalization—that is, allowing a free flow of funds in and out of a country’s economy—as an essential step in the process of economic development.

In the absence of a theoretical model that offers a clear explanation of these determinants, but with a focus on the possible role of capital account liberalization on promoting financial depth, we use the following specification of the determinants of the average level of financial depth in a country over the period –, (1) FD s Cited by: Capital Market Liberalization, Globalization, and the IMF Article in Oxford Review of Economic Policy 20(1) March with 31 Reads How we measure 'reads'.

The International Monetary Fund (IMF) is in eclipse as the preeminent institution promoting international economic and financial stability. Successful reform of the IMF must engage the full spectrum of its members. The IMF should not focus primarily on its low-income members and the challenges of global poverty nor should it focus exclusively on international financial crises affecting a small.

In Capital Ideas, Jeffrey M. Chwieroth, a senior lecturer in the Department of International Relations at the London School of Economics and Political Science, attributes longstanding IMF support for capital-account liberalization to (endogenous) dynamics shaped largely by its staff, rather than to (exogenous) rules or incentives imposed on it.

capital market liberalization, have contributed to global instability.” The IMF did play a role in the movement towards capital account decontrol that took place during the s. Fund economists, like others, pointed out the advantages to developing economies of access to global capital markets.

– the IMF’s indicator variable on capital account restrictions from the Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) – or for a subset of industrialized countries, the OECD measure of capital account liberalization. Comfortingly, Klein and Olivei find a relationship between cap ital account liberalization and.

Section 6 discusses capital account liberalization with respect to the role the IMF played concerning its promotion. This section will also discuss the development of the Fund's stance towards liberalization.

Section 7 will : GRIN Publishing. Keywords: capital movements, capital account, capital account liberalization, capital inflows, capital controls. The paper summarizes the main issues arising from experiences of industrial and developing countries with capital account liberalization and it examines the.

the macroeconomic effects of capital account liberalization has been so elusive. First, foes of capital account liberalization often argue that the removal of capital controls leaves countries more vulnerable to sudden and destabilizing reversals in capital flows.

Policymakers outside the IMF were less certain about these conclusions and less enthusiastic about embracing capital account openness, leading to the indefinite postponement of the amendments. The least satisfying part of the book is the Epilogue, which addresses impact of the sub-prime crisis.

CAPITAL-MARKET LIBERALIZATION, GLOBALIZATION, AND THE IMF OXFORD REVIEW OF ECONOMIC POLICY, VOL. 20, NO. 1 DOI: /oxrep/grh JOSEPH E. STIGLITZ Columbia University1 One of the most controversial aspects of globalization is capital-market liberalization—not so much the liberalization of rules governing foreign direct investment, but.

Capital Market Liberalization and Development 1 José Antonio Ocampo, Shari Spiegel, and Joseph E. Stiglitz 2. The Benefits and Risks of Financial Globalization 48 Sergio L. Schmukler 3. Capital Market Liberalization, Globalization, and the IMF 76 Joseph E. Stiglitz 4. From the Boom in Capital Inflows to Financial Traps Roberto Frenkel 5.

Rodrik (), on the other hand, argues that capital account liberalization makes developing economies in particular more vulnerable to destabilizing, inflationary capital flows.

Equations and g include data only on developing countries, the group for which exchange rate regime was a significant determinant of inflation or by:   This paper examines the distributional impact of capital account reforms and the linkage among liberalization, inequality and inclusion in low-income countries.

Using a panel data for 29 low-income countries from towe find that capital account liberalization reforms are associated with statistically significant and persistent Cited by: 1.

For much of history, in fact, controlling the cross-border flow of money and the associated exchange rate has been a key element of economic management in many countries.

1 In the post-World War II Bretton Woods system, capital controls were essential to maintaining the system’s fixed exchange capital controls were progressively weakened, 2 fixed exchange rates proved hard to maintain. Stiglitz argues that the evidence does not support that capital account liberalization prompts economic growth.

J.E. Stiglitz, “Capital Market Liberalization, Economic Growth and Instability”, in World Development –86. The impacts of various dimensions of capital account liberalization can help narrow the discussion on specific opening policies. Third, we employ the difference-in-difference (DID) approach combined with propensity score matching (PSM) to estimate the impact of opening the capital account on income inequality in a year window.Capital market liberalization has been a key battle in the debate on globalization for much of the previous two decades.

Many developing countries, often at the behest of international financial institutions such as the IMF, opened their capital accounts and liberalized their domestic financial markets as part of the wave of liberalization that characterized the s and s and in doing so.Past Events.

The Role of the State in Economic Growth in East Asia. 03/31/16 Meeting. Beijing, China IPD co-hosts Meeting on Capital Account Liberalization and its International Lessons for China in Beijing.