The author thanks A. Kourelis for her able research assistance. The views expressed in this paper are those of the author and do not necessarily represent those of the Fund.
See, for example, Eichengreen and Wyplosz (1993), p. 89.
The paper therefore adopts a relatively wide definition of capital restrictions.
Ungerer, et al. (1990), p. 34.
Mathieson and Rojas-Suárez, pp. 1-2.
International Monetary Fund, Policy Development and Review Department (1993), p. 33.
Galy (1993), p. 23.
Rather than an outright prohibition of certain transactions (as In Ireland and Portugal), the Spanish measures in effect placed a tax on them. The intent of the Spanish measures was to raise the cost and lower the attractiveness of engaging in particular transactions. More details are presented in the following paragraphs, while further description of these measures can be found in Goldstein, et al. (1993), p. 57, and IMF, World Economic Outlook: Interim Assessment (1993), pp. 3-4.
This judgement is shared by analysts of both the Euromarket and the Irish market who were contacted by the author.