Capital Account Management or Laissez-faire of Capital Flows in Developing Countries

Jan Priewe

Chapter 3 in Financial Liberalization and Economic Performance in Emerging Countries, 2008, pp 26-51 from Palgrave Macmillan

Abstract: Abstract The academic and political debates on the issue of capital controls versus capital account liberalization in developing countries seem to be never-ending. When the Bretton Woods institutions were founded a vast majority was in favour of control, at least for the option of control, although the global commercial financial markets did not play a significant role for developing countries at that time. Keynes was not the only critic of unfettered capital flows in the postwar world economy (Boughton 2002). He promoted the priority of trade, while the supposed volatile commercial capital flows were seen as a disturbing, not a supporting, factor for the real economy.

Keywords: Exchange Rate; Monetary Policy; Capital Flow; Capital Mobility; Exchange Rate Regime (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-22774-3_3

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DOI: 10.1057/9780230227743_3

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