Sequencing Capital Account Liberalization: Lessons From the Experiences in Chile, Indonesia, Korea, and Thailand

Claudia Echeverria, Salim Darbar and R. Johnston

No 1997/157, IMF Working Papers from International Monetary Fund

Abstract: This paper examines issues in sequencing and pacing capital account liberalization and draws lessons from experience in four countries (Chile, Indonesia, Korea, and Thailand). The paper focuses on the interrelationship between capital account liberalization, domestic financial sector reforms, and the design of monetary and exchange rate policy. It concludes that capital account liberalization should be approached as an integrated part of comprehensive reform strategies and should be paced with the implementation of appropriate macroeconomic and exchange rate policies.

Keywords: WP; liberalization; market; center; exchange rate; interest rate; Financial sector reform; currency convertibility; capital flows; exchange market arrangement; liberalization measure; exchange market development; pace capital account liberalization; liberalizations help; exchange rate band; liberalization of the exchange system; exchange rate movement; interest rate liberalization; Capital inflows; Capital account liberalization; Exchange rates; Capital account (search for similar items in EconPapers)
Pages: 115
Date: 1997-11-01
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Citations: View citations in EconPapers (65)

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