Occasional Papers

Liberalization of the Capital Account: Experiences and Issues

Author/Editor:

Liliana Rojas-Suárez ; Donald J Mathieson

Publication Date:

March 15, 1993

Summary:

This study explores the industrial and developing countries use of capital controls since World War II, including their rationales for using them, and describes their experiences with relaxing controls as part of broader liberalization and structural reform efforts. The papers also outlines the potential medium-term costs and benefits of an open capital account and the policy measures that would help sustain capital account convertibility.

Series:

Occasional Paper No. 1993/005

Subject:

Balance of payments Capital account Capital account convertibility Capital controls Capital flows Foreign exchange Real exchange rates