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Capital Flows, Capital Account Liberalisation and the Mediterranean Countries

Heather Gibson (), Nicholas Tsaveas and Thomas Vlassopoulos
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Nicholas Tsaveas: Bank of Greece, Economic Research Department

No 33, Working Papers from Bank of Greece

Abstract: This paper examines questions related to possible capital account liberalisation in the Mediterranean countries. First, we provide an overview of the extent to which these countries have capital controls along with their exchange rate regimes and some basic macroeconomic aggregates. Second, we examine the case for capital account liberalisation, along with the prerequisites for successful liberalisation. Here we consider issues such as sequencing and possible benefits of synchronisation. Finally, we examine the experience with capital flows – both FDI and other capital flows. We explain these flows and use the past experience of these countries to draw some conclusions for the successful opening up of the capital account.

Keywords: capital account liberalisation; Mediterranean countries; capital flows (search for similar items in EconPapers)
JEL-codes: F32 F21 F36 (search for similar items in EconPapers)
Pages: 59 pages
Date: 2006-02
New Economics Papers: this item is included in nep-ifn
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