The increased role of capital flows to the operation of the international monetary system has led to discussions about extending IMF jurisdiction to cover capital movements. See Stanley Fischer, Richard N. Cooper, Rudiger Dornbusch, Peter M. Garber, Carlos Massad, Jacques J. Polak, Dani Rodrik, and Savak S. Tarpore, “Should the IMF Pursue Capital-Account Convertibility?” Essays in International Finance, 1998 (Princeton, NJ: Princeton University).
Barry Eichengreen, Michael Mussa, Giovanni Dell’Ariccia, Enrica Detragiache, Gian Maria Milesi-Ferretti, and Andrew Tweedie, Capital Account Liberalization: Theoretical and Practical Aspects, IMF Occasional Paper No. 172, 1998. Also see Michael P. Dooley, “A Survey of the Literature on Controls over International Capital Transactions,” IMF Staff Papers (December 1996).
Vittorio Grilli and Gian Maria Milesi-Ferretti, “Economic Effects and Structural Determinants of Capital Controls,” IMF Staff Papers (September 1995).
R. Barry Johnston, Mark Swinburne, Alexander Kyei, Bernard Laurens, David Mitchem, Inci Ötker, Susana Sosa, and Natalia Tamirisa, Exchange Rate Arrangements and Currency Convertibility: Developments and Issues, World Economic and Financial Surveys, Chapter 7, 1999. For a summary description of the indices, see Natalia Tamirisa, “Exchange and Capital Controls as Barriers to Trade,” IMF Staff Papers (March 1999).
Hali J. Edison and Francis E. Warnock, “A Simple Measure of the Intensity of Capital Controls,” forthcoming IMF Working Paper.
Alberto Alesina, Vittorio Grilli, and Gian Maria Milesi-Ferretti, “The Political Economy of Capital Controls,” in Capital Mobility: The Impact on Consumption, Investment and Growth, ed.by L. Leiderman and A. Razin, 1994 (Cambridge, UK: Cambridge University Press).
R. Barry Johnston and Natalia Tamirisa, “Why Do Countries Use Capital Controls?” IMF Working Paper 98/181, 1998.
Akira Ariyoshi, Karl Habermeier, Bernard Laurens, Inci Ötker-Robe, Jorge Ivan Canales-Kriljenko, and Andrei Kirilenko, Capital Controls: Country Experiences with Their Use and Liberalization, IMF Occasional Paper No. 190, 2000; and Shogo Ishii, Inci Ötker-Robe, and Li Cui, “Measures to Limit the Offshore Use of Currency,” IMF Working Paper 01/43, 2001. Also see Pedro Alba, Leonardo Hernandez, and Daniela Klingebiel, “Financial Liberalization and the Capital Account: Thailand 1988-97,” in The Political Economy of the East Asian Crisis and Its Aftermath, ed. by Arvid J. Lukauskas and Francisco L. Rivera-Batiz, 2001 (Cheltenham, UK and Northampton, USA: Edward Elgar).
R. Todd Smith and Carmen M. Reinhart, “Temporary Controls on Capital Inflows,” NBER Working Paper No. 8422, 2001, also forthcoming in Journal of International Economics.
Francisco Nadal-De Simone and Piritta Sorsa, “A Review of Capital Account Restrictions in Chile in the 1990s,” IMF Working Paper 99/52, 1999. Also see Francisco Gallego, Leonardo Hernandez, and Klaus Schmidt-Hebbel, “Capital Controls in Chile: Were They Effective?” in Banking, Financial Integration, and International Crises, ed. by Leonardo Hernandez and Klaus Schmidt-Hebbel (Santiago, Chile: Central Bank of Chile, forthcoming).
Hali J. Edison and Carmen M. Reinhart, “Stopping Hot Money,” forthcoming in Journal of Development Economics.
Kanitta Meesook, Il Houng Lee, Olin Liu, Yougesh Khatri, Natalia Tamirisa, Michael Moore, and Mark Krysl, “Malaysia: From Crisis to Recovery,” IMF Occasional Paper No. 207, 2001.
Prakash Loungani, Assaf Razin, and Chi-Wa Yuen, “Capital Mobility and Output-Inflation Trade-Off,” IMF Working Paper 00/87, 2000, forthcoming in Journal of Development Economics.
Karl Habermeier and Andrei Kirilenko, “Securities Transaction Taxes and Financial Markets,” IMF Working Paper 01/51, 2001.
Marco Rossi, “Financial Fragility and Economic Performance in Developing Economies: Do Capital Controls, Prudential Regulation and Supervision Matter?” IMF Working Paper 99/66, 1999. For an analysis of consumption smoothing in the presence of capital controls, see Luiz R. de Mello, Jr. and Khaled A. Hussein, “International Capital Mobility in Developing Countries: Theory and Evidence,” Journal of International Money and Finance (June 1999); and Tim Callen and Paul Cashin, “Assessing External Sustainability in India,” IMF Working Paper 99/181, 1999, forthcoming in Journal of International Trade and Economic Development.
”International Financial Integration and Developing Countries,” World Economic Outlook, October 2001, World Economic and Financial Surveys, Chapter 4, 2001. This finding refers to a measure of capital account openness based on gross holdings of international assets and liabilities. Also see Nicola Fuchs-Schundeln and Norbert Funke, “Stock Market Liberalizations: Financial and Macroeconomic Implications,” forthcoming IMF Working Paper.
Shogo Ishii, Karl Habermeier, Bernard Laurens, John Leimone, Judit Vadasz, Jorge Ivan Canales-Kriljenko, “Capital Account Liberalization and Financial Sector Stability,” forthcoming IMF Occasional Paper. Also see Leslie Lipschitz, Tim Lane, and Alex Mourmouras, “Capital Flows to Transition Economies: Master or Servant,” forthcoming IMF Working Paper. On how capital controls link with trade, see Byung K. Jang, “Capital Controls and Trade Liberalization in a Monetary Economy,” IMF Working Paper 99/24, 1999; and Natalia Tamirisa, Piritta Sorsa, Bradley McDonald, Geoffrey Bannister, and Jaroslaw Wieczorek, “Trade Policy in Financial Services,” IMF Working Paper 00/31, 2000, also published in International Economic Policy Review, 2000.
R. Barry Johnston and Inci Ötker-Robe, “A Modernized Approach to Managing the Risks in Cross-Border Capital Movements,” IMF Policy Discussion Paper 99/06, 1999.