Capital Account Convertibility: A New Model for Developing Countries

Peter Quirk

No 1994/081, IMF Working Papers from International Monetary Fund

Abstract: This paper analyzes issues for developing countries considering a move to capital account convertibility. It reviews the relevant literature, including arguments for sequencing, and analyses in a series of charts various features of the foreign exchange market impact of removing controls, as against the alternative of foreign exchange intervention. Finally, it examines recent experiences of capital account liberalization by developing countries in the context of multi-pronged stabilization programs.

Keywords: WP; exchange rate; capital; liberalization; interest rate; control; capital control; capital liberalization; cambio exchange market handling; exchange control regulation; capital convertibility; results in abandonment; reaction function; foreign exchange market; Exchange rates; Capital controls; Capital inflows; Exchange restrictions; Exchange rate arrangements; Eastern Europe; Australia and New Zealand; Middle East; Southeast Asia; Caribbean (search for similar items in EconPapers)
Pages: 26
Date: 1994-07-01
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Citations: View citations in EconPapers (2)

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