- Michael Mussa, Giovanni Dell'Ariccia, Barry Eichengreen, and Enrica Detragiache
- Published Date:
- September 1998
© 1998 International Monetary Fund
Production: IMF Graphics Section
Figures: In-Ok Yoon
Typesetting: Joseph A. Kumar
Library of Congress Cataloging-in-Publication Data
Capital account liberalization: theoretical and practical aspects / prepared by a staff team led by Barry Eichengreen and Michael Mussa; with Giovanni Dell’Ariccia … [et al.].
p. cm, — (Occasional paper, International Monetary Fund; 172) Includes bibliographical references (p.).
1. Capital movements. I. Eichengreen, Barry J. II. Mussa, Michael. III. Dell’Ariccia, Giovanni. IV. series: Occasional paper (International Monetary Fund) ; no. 172.
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The following symbols have been used throughout this paper:
… to indicate that data are not available;
n.a. to indicate not applicable;
— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
– between years or months (e.g., 1994–95 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1994/95) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.
This study was prepared by a staff team led by Barry Eichengreen and Michael Mussa of the Research Department of the International Monetary Fund. Other members of the staff team were Giovanni Dell’Ariccia, Enrica Detragiache, Gian Maria Milesi-Ferretti, and Andrew Tweedie. The study benefited from helpful comments from Stanley Fischer and numerous other colleagues on the IMF staff. The material in Section II on historical precedents and comparisons and in Appendix I draws on Barry Eichengreen’s joint work with Michael Bordo of Rutgers University, whose contribution is gratefully acknowledged. The authors are indebted to Dennis Quinn for making available his data on capital account liberalization, to Freyan Panthaki for her very capable research assistance, and to Lisa Marie Scott-Hill and Norma A1-varado for their exceptionally able secretarial assistance. Elisa Diehl and Jeff Hayden of the External Relations Department edited the study and coordinated production.
An earlier version of the study was discussed by the Executive Board in August 1998 as part of its ongoing work on an amendment of the Articles of Agreement to make the liberalization of capital movements one of the purposes of the International Monetary Fund. The present version incorporates comments received on that occasion. However, the opinions expressed are those of the authors and do not necessarily reflect the views of the Executive Directors, the management, or other members of the staff of the International Monetary Fund.