Choice of Capital Account Regime: When to Liberalize?

Anthony M. Endres

Chapter 4 in International Financial Integration, 2011, pp 73-100 from Palgrave Macmillan

Abstract: Abstract At the end of the BW era there was much scepticism among economists about free market-determined international capital movements which paralleled their scepticism over the efficacy of market-determined exchange rates. That scepticism is scarcely surprising. Most of what were considered to be viable reforms of the IFS in the 1960s included some degree of exchange rate fixity and some accompanying degree of control over cross-border capital flows in order to support exchange rate commitments. Otherwise the reserves of monetary authorities could easily be depleted by speculative, cross-border capital-moving activity.

Keywords: Exchange Rate; Foreign Direct Investment; Current Account; Real Exchange Rate; International Capital (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-29464-6_4

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DOI: 10.1057/9780230294646_4

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