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Mr. Michael Mussa, Mr. Giovanni Dell'Ariccia, Mr. Barry J. Eichengreen, and Ms. Enrica Detragiache

Abstract

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 limited through a combination of sound macroeconomic and prudential policies.

SANJAY DHAR and MARCELO SELOWSKY

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Mr. Marco Arena, Tingyun Chen, Mr. Seung M Choi, Ms. Nan Geng, Cheikh A. Gueye, Mr. Tonny Lybek, Mr. Evan Papageorgiou, and Yuanyan Sophia Zhang
Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system and that can cause serious negative consequences for the real economy.
Mr. Paul Louis Ceriel Hilbers, Mr. Russell C Krueger, and Ms. Marina Moretti

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund

Abstract

The financial turmoil of the late 1990s prompted a broad search for tools and techniques for detecting and preventing financial crises, and more recent episodes of instability have high lighted the importance of continuous monitoring of financial systems as a tool for preventing crises. This paper looks at the development of measures of financial sector soundness and of methods to analyze them. The authors propose two sets of financial soundness indicators that are considered useful for periodic monitoring, and for compilation and dissemination efforts by national authorities. They highlight the substantial advance made in recent years in measuring and analyzing financial soundness indicators, and specify areas where more work is needed.

International Monetary Fund

This Selected Issues paper reviews indicators for external competitiveness in Hungary. The paper examines recent developments in a range of indicators. These include regional comparisons of wage and unit labor cost developments, and standard indicators based on price and cost-based measures of the real effective exchange rate (REER). In addition, the paper discusses actual export performance and market shares, profitability indicators, and business survey results. The equilibrium exchange rate is estimated. The paper also analyzes financial sector regulatory governance in Hungary.

Mr. Michael Mussa, Mr. Giovanni Dell'Ariccia, Mr. Barry J. Eichengreen, and Ms. Enrica Detragiache

Abstract

The explosive growth of international financial transactions and international capital flows is one of the single most profound and far-reaching economic developments of the late twentieth and early twenty-first centuries. This growth has several origins. Prominent among them are the removal of statutory restrictions on capital account transactions, itself a concomitant of economic liberalization and deregulation in both industrial and developing countries; macroeconomic stabilization and policy reform in the developing world, which have created a proliferation of attractive destinations for foreign capital; enterprise privatization, which has created a growing pool of commercial issuers of debt instruments; the multilateralization of trade, which has encouraged international financial transactions designed to hedge exposure to currency and commercial risk; and the growth of derivative financial instruments, which has permitted international investors to assume some risks while limiting their exposure to others.

Mr. Michael Mussa, Mr. Giovanni Dell'Ariccia, Mr. Barry J. Eichengreen, and Ms. Enrica Detragiache

Abstract

This section describes the remarkable growth of international capital flows and places it in historical perspective.

Mr. Michael Mussa, Mr. Giovanni Dell'Ariccia, Mr. Barry J. Eichengreen, and Ms. Enrica Detragiache

Abstract

This section reviews three strands of theoretical literature on the effects of financial liberalization: the classic case for liberalized financial markets, models of asymmetric information, and models of domestic distortions.

International Monetary Fund. External Relations Dept.

A mid hectic meetings of world leaders trying to stem the collapse of the financial system, leading economists and politicians debated the IMF’s future role and governance in a reformed financial order.