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Abstract
In a world where goods, services, and financial markets have become increasingly integrated, it is argued that current account convertibility has become an anachronism.1 Yet, current account convertibility remains at the center of the mandate of the International Monetary Fund and constitutes for many countries an important policy objective, which is often seen as an intermediate step toward the attainment of full convertibility. A key unresolved issue is whether countries with inconvertible currencies should move directly to full convertibility or go through a transitional period of current account convertibility. While the focus of this paper will be primarily on current account convertibility, it will attempt to shed some light on the considerations involved in the move to full convertibility.
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