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Capital Liberalization in Transition Countries
'This collection provides an excellent account of the diverging ways countries in varying parts of the world went about liberalizing capital flows. Case studies of transition countries are set against the background of more general studies analysing the Asian and Latin American experience, as well as the earlier liberalization processes in economically advanced countries. The reader gets a lively picture of the many pitfalls that beset the road to full capital liberalization and will realise that there is no single best way to liberalize. The authors strike one as unprejudiced and far from dogmatic, out to learn from experience rather than trying to impose some particular point of view.' - Hans Visser, Vrije Universiteit, Amsterdam, The Netherlands This significant new book provides a succinct overview of the essential policy issues surrounding capital liberalization. The book compares the experiences of transition economies in Europe with those of advanced nations, allowing the reader to examine the changing international economic and financial environment within which transition countries have to liberalize.
Advanced Country Experiences with Capital Account Liberalization
After the industrial countries established current account convertibility in the late1950s, they began to phase out their capital controls. Their efforts were slow and tentative at first, but built up considerable momentum by the 1980s as market-oriented economic policies gained popularity. This paper describes how national policymakers’ views of capital controls shifted over time, and how these controls have been closely related to regulation in other policy areas, such as banking and financial markets. As developing countries seek to liberalize their capital accounts to obtain the benefits of increased integration with the global economy, what lessons can be drawn from industrial countries’ diverse experiences with capital controls, and how can a country’s liberalization measures be sequenced to minimize disturbances to its exchange rate and monetary policies?
Effects of Financial Globalization on Developing Countries
This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.
IEO Evaluation Report on the IMF's Approach to Capital Account Liberalization 2005
Drawing on evidence from a sample of emerging market economies over the period 1990-2004, this evaluation report reviews the IMF’s approach to capital account liberalization and related issues. The evaluation seeks to contribute to transparency by documenting what in practice has been the IMF's approach to these issues and to identify areas where the IMF’s instruments and operating methods might be improved, in order to deal with these issues more effectively.
Official Foreign Exchange Intervention
Despite increasing exchange rate flexibility, central banks in emerging markets still intervene in their foreign exchange markets for several reasons. In doing so, they face many operational questions, including on the degree of transparency and the choice of markets and counterparties. This paper identifies elements of best practice in official foreign exchange intervention, presents survey evidence on intervention practices in developing countries, and assesses the effectiveness of intervention in Mexico and Turkey.
Informal Funds Transfer Systems
Since the terrorist attacks of September 11, 2001, there has been increased public interest in informal funds transfer (IFT) systems. This paper examines the informal hawala system, an IFT system found predominantly in the Middle East and South Asia. The paper examines the historical and socioeconomic context within which the hawala has evolved, the operational features that make it susceptible to potential financial abuse, the fiscal and monetary implications for hawala-remitting and hawala-recipient countries, and current regulatory and supervisory responses.
Managing Systemic Banking Crises
Recent financial sector crises and their resolution have raised new issues and provided additional experiences to draw on in the future. Banking sector problems in Russia, Turkey, and a few Latin American countries occurred within the context of highly dollarized economies, high levels of sovereign debt, severely limited fiscal resources, or combinations thereof. These factors have challenged the effectiveness of many of the typical tools for bank resolution. This publication focuses on the issues raised in systemic crises, not on the resolution of individual bank problems. Based on the lessons learned during the Asian crisis, it updates the IMF’s work on the general principles, strategies, and techniques for managing these crises.
GEM
Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). This paper explains why such a model is needed, how GEM differs from its predecessor model, and how the new features of the model can improve the IMF’s policy analysis. The paper is aimed at a general audience and avoids technical detail. It outlines the motivation, structure, strengths, and limitations of the model; examines three simulation exercises that have been completed; and discusses the future path of GEM.
Asia-Pacific Sustainable Development Journal 2018, Issue No. 1
The Asia-Pacific Sustainable Development Journal (APSDJ) aims to stimulate debate and enrich research in the formulation of policy in the Asia-Pacific region towards the fulfilment of the 2030 Agenda for Sustainable Development. Published twice a year, the APSDJ is a rebranded journal of the United Nations Economic and Social Commision for Asia and the Pacific (UNESCAP) that builds on the success of two earlier journals - the Asia-Pacific Development Journal (APDJ), which has been published since 1994, and the Asia-Pacific Population Journal (APPJ), since 1986. These journals are being merged in recognition of the interconnected and multidisciplinary nature of sustainable development.
