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Capital account liberalization and the role of the IMF.

Stanley Fischer

Capital account liberalization and the role of the IMF.

by Stanley Fischer

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Published by International Monetary Fund in [S.l.] .
Written in English


Edition Notes

ContributionsInternational Monetary Fund., Asia and the IMF (Seminar) (1997 : Hong Kong, China)
ID Numbers
Open LibraryOL17537704M

Capital Account Liberalization and Aggregate Productivity: The Role of Firm Capital Allocation Mauricio Larrain Columbia University Sebastian Stumpnery Universit e de Montr eal J Abstract We study the e ects of capital account liberalization on rm capital allocation and aggregate productivity in 10 Eastern European countries. First. In sum, both proponents and critics of capital account liberalization saw a stronger role for the Fund throughout the years. 55 However, they disagreed on the reasons and means for conveying more oversight and enforcement powers to the IMF. As a result, formal jurisdiction over capital account policies has never been adjusted.

19th Street, N.W., Washington, D.C., U.S.A. [email protected] Keywords: capital movements, capital account, capital account liberalization, capital inflows, capital controls. The paper summarizes the main issues arising from experiences of industrial and developing countries with capital account liberalization and it examines the IMF's treatment of capital controls in its surveillance.

This chapter looks at the transition from the acceptance at Bretton Woods of capital account management as a normal policy instrument to the liberalization of the capital account, first in developed countries and later in developing countries. It then analyses the risks of capital account liberalization, particularly the relation between capital account liberalization and the boom–bust. 4. From the Boom in Capital Inflows to Financial Traps Roberto Frenkel 5. Capital Market Liberalization and Poverty Andrew Charlton 6. Capital Management Techniques in Developing Countries: Managing Capital Flows in Malaysia, India, and China Gerald Epstein, Ilene Grabel, and K. S. Jomo 7. The Role of Preventative Capital Account.


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Capital account liberalization and the role of the IMF by Stanley Fischer Download PDF EPUB FB2

Capital Account Liberalization and the IMF Barry Eichengreen and Michael Mussa. including capital account liberalization, has played a significant role in crises to raise serious questions about whether and under what conditions such liberalization—particularly capital account liberalization—will be beneficial rather than harmful.

Additional Physical Format: Online version: Fischer, Stanley. Capital account liberalization and the role of the IMF. Washington, D.C.: International Monetary Fund, capital flows for a number of countries, officials and aca-demics alike have questioned how desirable capital account liberalization is and whether it is advisable to vest the IMF with responsibility for promoting the orderly liberalization of capital flows.

Growth of capital flows Powerful forces have driven the rapid growth of interna. Capital account liberalization may have substantial benefits, but recent experience also underscores its risks. But these developments, as the official community has acknowledged, raise important questions about the role of the IMF in financial liberalization.

In Septemberthe Interim Committee (the committee of finance ministers and. IMF is well positioned to assist its members with this task, and a new amendment to the IMF’s Articles of Agreement will facilitate the organization’s work in this area. The following is a summary of “Capital Account Liberalization and the Role of the IMF,” presented by Stanley Fischer in Hong Kong, China, on Septem in.

THE GROWTH of international financial transactions and international capital flows is one of the most far-reaching economic developments of the late twentieth century and one that is likely to extend into the early twenty-first flows to developing countries tripled, from roughly $50 billion a year in to more than $ billion inbefore declining in the wake of the.

This paper examines the distributional impact of capital account liberalization. Using panel data for countries from towe find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term.

Third, liberalization seems to alter the relative bargaining power of firms and workers: the labor share of income falls in the aftermath of capital account liberalization. For those without access to the JDE, an earlier working paper version is available.

Figure The effect of capital account liberalization on the top income shares. The paper summarizes the main issues arising from experiences of industrial and developing countries with capital account liberalization and it examines the IMF's treatment of capital controls in its surveillance, use of IMF resources, and technical assistance activities.

Downloadable. This paper reviews the issues involved in moving towards greater exchange rate flexibility and capital account liberalization in China. A more flexible exchange rate regime would allow China to operate a more independent monetary policy, providing a useful buffer against domestic and external shocks.

At the same time, weaknesses in China’s financial system suggest that capital. In the s and s, many countries opened their capital accounts and liberalized their domestic financial markets as part of the wave of liberalization that characterized the period.

In the IMF even proposed changing its charter to include a mandate to promote capital market liberalization. At the time, many other economists warned that open capital accounts would lead to volatility.

The role of capital account liberalization in the East Asian crisis of has been a major topic of discussion. An earlier IEO report (IEO, ) discusses the effectiveness of the IMF’s precrisis surveillance in identifying financial sector vulnerabilities created by capital account liberalization in Indonesia and Korea.

with that of capital account liberalization. 3 One of the main points of this 1 On the one hand, IMF () and Funke and Rahn () conclude that there is no strong evidence that the renminbi is substantially undervalued. Downloadable. In a sample of 60 developing countries, we find evidence of a strong-almost one-to-one-relationship between capital inflows and domestic investment.

However, this relationship has evolved over time. While growing financial integration with the rest of the world has increased access to foreign private capital, the relationship between foreign capital and domestic investment has. Section 6 discusses capital account liberalization with respect to the role the IMF played concerning its promotion.

This section will also discuss the development of the Fund’s stance towards liberalization. Capital market liberalization, especially the rules governing short-term cross-border capital flows, is one of the most controversial aspects of globalization.

The IMF and the US Treasury have tried to push capital market liberalization around the world, encountering enormous opposition from developing countries as well as from economists who are less enamored with the tenets of market.

In this intelligent, well-researched and thought-provoking book Jeffrey Chwieroth addresses these questions, using the IMF's approach to capital account liberalization as a case study Capital Ideas is a truly multidisciplinary book whose author draws on economics, international political economy and sociology to explore how an Author: Jeffrey M.

Chwieroth. In this intelligent, well-researched and thought-provoking book Jeffrey Chwieroth addresses these questions, using the IMF's approach to capital account liberalization as a case study Capital Ideas is a truly multidisciplinary book whose author draws on economics, international political economy and sociology to explore how an Manufacturer: Princeton University Press.

In this intelligent, well-researched and thought-provoking book Jeffrey Chwieroth addresses these questions, using the IMF's approach to capital account liberalization as a case study Capital Ideas is a truly multidisciplinary book whose author draws on economics, international political economy and sociology to explore how an.

CAPITAL ACCOUNT LIBERALIZATION AND INEQUALITY. THE ROLE OF SKILL LEVELS AND FINANCIAL DEPTH 1. INTRODUCTION The fall of the Bretton Woods system in the early s, has led to a progressive repeal of capital controls.

Since then, global financial flows have increased tremendously starting from less than 5 percent of global GDP in the s and.

The International Monetary Fund (IMF) is in eclipse as the preeminent institution promoting international economic and financial stability. Successful reform of the IMF must engage the full spectrum of its members.

The IMF should not focus primarily on its low-income members and the challenges of global poverty nor should it focus exclusively on international financial crises affecting a small.This book provides a comprehensive review of recent economic developments in South Africa and the structural and policy challenges facing the authorities.

Individual papers examine a range of topics such as unemployment and the labor market, recent trends in the private saving rate, the role of foreign direct investment in the development of South Africa's economy, the human and economic.CAPITAL-MARKET LIBERALIZATION, GLOBALIZATION, AND THE IMF OXFORD REVIEW OF ECONOMIC POLICY, VOL.

20, NO. 1 DOI: /oxrep/grh JOSEPH E. STIGLITZ Columbia University1 One of the most controversial aspects of globalization is capital-market liberalization—not so much the liberalization of rules governing foreign direct investment, but.