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

By Claudia Echeverria, Salim M. Darbar, R. B. Johnston

November 1, 1997

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Claudia Echeverria, Salim M. Darbar, and R. B. Johnston Sequencing Capital Account Liberalization: Lessons From the Experiences in Chile, Indonesia, Korea, and Thailand, (USA: International Monetary Fund, 1997) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Balance of payments, Capital account, Capital account liberalization, Capital flows, Capital inflows, Exchange rates, Foreign exchange

Keywords: Capital account, Capital account liberalization, Capital flows, Capital inflows, Center, Currency convertibility, Exchange market arrangement, Exchange market development, Exchange rate, Exchange rate band, Exchange rate movement, Exchange rates, Financial sector reform, Interest rate, Interest rate liberalization, Liberalization, Liberalization measure, Liberalization of the exchange system, Liberalizations help, Market, Pace capital account liberalization, WP

Publication Details

Pages:

115
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1997/157
Stock No:

WPIEA1571997
ISBN:

9781451857450
ISSN:

1018-5941

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