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Sequencing Capital Account Liberalization: Lessons From the Experiences in Chile, Indonesia, Korea, and Thailand
Author: Claudia Echeverria, Mr. Salim M. Darbar, and Mr. R. B. Johnston
Series:
IMF Working Papers
Volume/Issue:
Volume 1997: Issue 157
Language:
English
Publication Date:
01 Nov 1997
DOI:
https://doi.org/10.5089/9781451857450.001
ISBN:
9781451857450
ISSN:
1018-5941
Pages:
115
Keywords:
WP; liberalization; market; center; exchange rate; interest rate; Financial sector reform; currency convertibility; capital flows; exchange market arrangement; liberalization measure; exchange market development; pace capital account liberalization; liberalizations help; exchange rate band; liberalization of the exchange system; exchange rate movement; interest rate liberalization; Capital inflows; Capital account liberalization; Exchange rates; Capital account
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper examines issues in sequencing and pacing capital account liberalization and draws lessons from experience in four countries (Chile, Indonesia, Korea, and Thailand). The paper focuses on the interrelationship between capital account liberalization, domestic financial sector reforms, and the design of monetary and exchange rate policy. It concludes that capital account liberalization should be approached as an integrated part of comprehensive reform strategies and should be paced with the implementation of appropriate macroeconomic and exchange rate policies.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund