Opening the capital account of developing countries: Some policy issues

D. Daianu; R. Vranceanu

doi:10.1556/aoecon.53.2003.3.2

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Acta Oeconomica

Volume/Issue:: Volume 53: Issue 3

Opening the capital account of developing countries: Some policy issues

Authors:

D. Daianu

D. Daianu ESSEC, Department of Economics, BP 105, 95021 Cergy, France. E-mail: Vranceanu@essec.fr

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and

R. Vranceanu

R. Vranceanu ESSEC, Department of Economics, BP 105, 95021 Cergy, France. E-mail: Vranceanu@essec.fr

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Vranceanu@essec.fr

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Pages:: 245–270

Online Publication Date:: Sep 2003

Publication Date:: 01 Sep 2003

Article Category:: Journal Article

DOI:: https://doi.org/10.1556/aoecon.53.2003.3.2

Keywords:: capital mobility; capital controls; policy reform; financial instability; sequencing; F02; F36; O24

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In the late eighties, many developing countries followed the example of the most advanced countries and opened their capital account (K.A.) in an attempt to reap new gains from increased integration with the world economy. Currently, after the wave of financial and currency crises that hurt the global economy over the last decade, enthusiasm about K.A. liberalization has greatly faded. First, the relationship between development and capital account liberalization did not come out to be as solid as initially expected; second, the greater capital mobility has brought about new forms of financial instability. This paper points to some risks that might be associated with undifferentiated deregulation of international movements of capital in connection with developing economies. It argues in favor of proper sequencing: liberalization should proceed in parallel with progress when it comes to macroeconomic stability, building market competition and the creation of a sound, internal financial system. A separate section analyzes this issue in the special context of transition economies.

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Acta Oeconomica Periodical of the Hungarian Academy of Sciences

Print ISSN:: 0001-6373

Online ISSN:: 1588-2659

Associate Editors

Péter Benczúr, Joint Joint Research Center, European Commission
Dóra Benedek, International Monetary Fund
Balázs Égert, OECD
Dániel Prinz, World Bank
Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

Editorial Board

Anders Åslund, Georgetown University and Advisory Council of CASE, USA
István Benczes, Corvinus University of Budapest, Hungary
Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
Fabrizio Coricelli, University of Siena, Italy
László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
Martin Kahanec, Central European University, Austria
Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
Péter Mihályi, Corvinus University of Budapest, Hungary
Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu

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Acta Oeconomica
Language	English
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