Tax Competition

Michael Braulke and Jörg Schimmelpfennig
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Michael Braulke: University of Osnabrück
Jörg Schimmelpfennig: Ruhr-University

Chapter 4 in Managing Economies, Trade and International Business, 2010, pp 60-66 from Palgrave Macmillan

Abstract: Abstract Fostering capital account convertibility was not among the mandates of the International Monetary Fund when it was founded in late 1945. And it is still not today in spite of a forceful initiative of the Fund’s management in 1990 in this direction, calling for an amendment of the Articles of Agreement that would have transformed the IMF’s role in capital account liberalization and capital account issues in general. Support for such an amendment was strong throughout the mid-1990s and it was not until the East Asian crisis of 1997 and the contagion spreading through Asia and beyond that the idea was eventually ceased.1 Interestingly, Article VI of the Fund’s Articles of Agreement is still in place stipulating that a ‘member may not use the Fund’s general resources to meet a large sustained outflow of capital’ and that the Fund may even ‘request a member to exercise controls to prevent such use’.

Keywords: Capital Mobility; Capital Account; Investor Sentiment; Perfect Capital Mobility; Capital Account Liberalization (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-27401-3_4

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DOI: 10.1057/9780230274013_4

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