Occasional Papers

Capital Account Convertibility: Review of Experience and Implications for IMF Policies

Author/Editor:

Owen Evens ; Peter J. Quirk

Publication Date:

October 6, 1995

Summary:

The paper summarizes the main issues arising from experiences of industrial and developing countries with capital account liberalization and it examines the IMF's treatment of capital controls in its surveillance, use of IMF resources, and technical assistance activities. Case studies of recent experiences with capital controls in Chile, Colombia, Malaysia, and Venezuela are presented.

Series:

Occasional Paper No. 1995/013

Subject:

Balance of payments Capital account Capital account liberalization Capital controls Capital flows Capital outflows

Notes:

Prepared by staff team headed by Peter J. Quirk and Owen Evans and comprising Przemyslaw Gajdeczka, Vicente Galbis, Arto Kovanen, Alexander Kyei, Dmitri Menchikov, Roger Nord, Mark O'Brien, Laura Papi, Susana Crossa de Sosa, S. Kal Wajid, Takashi Yoshimura.