Skip to main content
SpringerLink
Log in

Capital Account Regimes and the Developing Countries: Issues and Approaches

  • Chapter
Capital Account Regimes and the Developing Countries

  • 29 Accesses

Abstract

Debate over the role of volatile private capital flows in international payments and appropriate government policies relating to them has a long history. The League of Nations produced an influential study of exchange-rate experience in the interwar period that addressed some of these issues (Nurkse, 1944); policy debate thereon sharpened in the preparations for (and at) the Bretton Woods conference in 1944; and it resurfaced repeatedly as current and capital account convertibility was restored to an increasing number of developed countries in the post Second World War period (Helleiner, 1994).

For comments on an earlier draft, and without implicating them in the contents of the current version, I would like to thank Andrew Cornford, Roy Culpeper, Dinesh Dodhia, Rumman Faruqi, Eric Helleiner, Louis Kasekende, Guillermo Le Fort. V., Aziz Ali Mohammed, Chi-Young Song and John Williamson.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 29.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Akyüz, Y. (1992) ‘On Financial Openness in Developing Countries’ in UNCTAD, International Monetary and Financial Issues for the 1990s, vol. II (New York and Geneva: United Nations).

    Google Scholar 

  • Calvo, G. A. (1996) ‘The Management of Capital Flows: Domestic Policy and International Cooperation’ in G. K. Helleiner (ed.) The International Monetary and Financial System: Developing Country Perspectives (London: Macmillan).

    Google Scholar 

  • Calvo, G. A., L. Leiderman and C. M. Reinhart (1993) ‘Capital Flows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors’, IMF Staff Papers, vol. 40, no. 1, March.

    Google Scholar 

  • Calvo, G. A., L. Leiderman and C. M. Reinhart (1994) The Capital Inflows Problem: Concepts and Issues (San Francisco: International Center for Economic Growth).

    Google Scholar 

  • Calvo, G. A., L. Leiderman and C. M. Reinhart (1996) ‘Inflows of Capital to Developing Countries in the 1990s’, vol. 10, no. 2, Journal of Economic Perspectives (Spring).

    Google Scholar 

  • Claessens, S., M. P. Dooley and A. Warner (1995) ‘Portfolio Capital Flows: Hot or Cold?’, World Bank Economic Review, vol. 9, no. 1, (January).

    Google Scholar 

  • Collier, P. (1991) ‘Africa’s External Relations: 1960–1990’, African Affairs (July).

    Google Scholar 

  • Corbo, V. and J. DeMelo (eds) (1986) ‘Liberalization with Stabilization in the Southern Cone of Latin America’, World Development, vol. 13, no. 8 (August).

    Google Scholar 

  • Corbo, V. and L. Hernandez (1996) ‘Macroeconomic Adjustment to Capital Inflows: Lessons from Recent Latin American and East Asian Experience’, World Bank Research Observer, vol. 11, no. 1 (February).

    Google Scholar 

  • Diaz-Alejandro, C. F. (1985) ‘Goodbye Financial Repression, Hello Financial Crash’, Journal of Development Economics vol. 19. no. 1/2 (September/October).

    Google Scholar 

  • Dooley, M. (1995) ‘A Survey of Academic Literature on Controls Over International Capital Transactions’, NBER National Burea of Economic Research Working Paper Series 5352 (November).

    Google Scholar 

  • Dooley, M., E. Fernandez-Arias and K. Kletzer (1996) ‘Is the Debt Crisis History? Recent Private Capital Inflows to Developing Countries’, World Bank Economic Review, vol. 10, no. 1 (January).

    Google Scholar 

  • Dornbusch, R. and Y. C. Park (eds) (1995) Financial Opening: Policy Lessons for Korea (Seoul: Korea Institute of Finance and International Centre for Economic Growth).

    Google Scholar 

  • EDI (Economic Development Institute, World Bank) (1995) ‘Managing Economic Reform under Capital Flow Volatility’, selected readings for First Annual Seminar on Managing Economic Reform in an Uncertain World.

    Google Scholar 

  • Edwards, S. (ed.) (1995) Capital Controls, Exchange Rates and Monetary Policy in the World Economy (Cambridge and New York: Cambridge University Press).

    Google Scholar 

  • Eichengreen, B. and R. Portes (1995) Crisis? What Crisis? Orderly Workouts for Sovereign Debtors (London: Centre for Economic Policy Research).

    Google Scholar 

  • Eichengreen, B., J. Tobin and C. Wyplosz (1995) ‘Two Cases for Sand in the Wheels of International Finance’, Economic Journal, vol. 105 (January).

    Google Scholar 

  • Felix, D. (1993) ‘Suggestions for International Collaboration to Reduce Destabilizing Effects of International Capital Mobility on the Developing Countries’ in UNCTAD, International Monetary and Financial Issues for the 1990s, vol. III (New York and Geneva: United Nations).

    Google Scholar 

  • Felix, D. (1995) ‘Financial Globalization versus Free Trade: The Case for the Tobin Tax’, UNCTAD Discussion Papers, no. 108 (November).

    Google Scholar 

  • Fernandez-Arias, E. and P. J. Montiel (1996) ‘The Surge in Capital Inflows to Developing Countries: An Analytical Overview’, World Bank Economic Review, vol. 10, no. 1 (January).

    Google Scholar 

  • Ffrench-Davis, R. and S. Griffith-Jones (eds) (1995) Coping with Capital Surges: The Return of Finance to Latin America (Boulder, CO, and Ottawa: Lynne Rienner and International Development Research Centre).

    Google Scholar 

  • Ffrench-Davis, R., D. Titelman and A. Uthoff (1994) ‘International Competitiveness and the Macroeconomics of Capital Account Opening’, UNCTAD Review.

    Google Scholar 

  • Frankel, J. (1995) ‘How Well Do Foreign Exchange Markets Function: Might a Tobin Tax Help?’, Working Paper C95-058, Center for International and Development Economics Research, University of California at Berkeley.

    Google Scholar 

  • Frankel, J. and C. Okongwu (1996) ‘Liberalized Portfolio Capital Inflows in Emerging Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence’, Internationaljournal of Finance and Economics, vol. 1, no. 1 (January).

    Google Scholar 

  • Grilli, V. and G. M. Milesi-Ferretti (1995) ‘Economic Effects and Structural Determinants of Capital Controls’, IMF Staff Papers, vol. 42, no. 3, September.

    Google Scholar 

  • Group of Ten (1996) The Resolution of Sovereign Liquidity Crises. Official Document.

    Google Scholar 

  • Hausmann, R. and L. Rojas-Suarez (eds) (1996) Volatile Capital Flows: Taming their Impact on Latin America (Inter-American Development Bank, Washington, distributed by Johns Hopkins University Press Baltimore).

    Google Scholar 

  • Helleiner, E. (1994) States and the Reemergence of Global Finance: From Bretton Woods to the 1990s (Ithaca and London: Cornell University Press).

    Google Scholar 

  • IMF (1995a) Issues in International Exchange and Payments Systems, April (Washington, DC: International Monetary Fund).

    Google Scholar 

  • IMF (1995b) International Capital Markets, August (Washington, DC: International Monetary Fund).

    Google Scholar 

  • IMF (1995c) ‘Roundtable on Responses to Sudden Capital Inflows’, reported in IMF Survey, 22 May.

    Google Scholar 

  • IMF (1995d) Capital Account Convertibility: Review of Experience and Implications for IMF Policies, Occasional Paper 131.

    Google Scholar 

  • IMF (1995e) Annual Report on Exchange Restrictions (Washington, DC: International Monetary Fund).

    Google Scholar 

  • IMF, 1996, World Economic Outlook, May (Washington, DC: International Monetary Fund)

    Google Scholar 

  • Kenen, P. B. (1995) ‘The Feasibility of Taxing Foreign Exchange Transactions’, Working Paper, no. 29, Center for Economic Policy Studies, Princeton University.

    Google Scholar 

  • Mathieson, D. J. and L. Rojas-Suarez (1993) ‘Liberalization of the Capital Account: Experiences and Issues’, IMF Occasional Paper, no. 103.

    Google Scholar 

  • McKinnon, R. (1991) The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy (Baltimore: Johns Hopkins Press)

    Google Scholar 

  • McKinnon, R. and H. Pill (1995) ‘Credible Liberalizations and International Capital Flows: The “Over-Borrowing” Syndrome’, Department of Economics, Stanford University.

    Google Scholar 

  • Mohammed, A. (1996) ‘Implications for IMF Policies Arising from Effects on Developing Countries of Industrial-Country Macroeconomic Policies’ in G. K. Helleiner (ed.) The International Monetary and Financial System: Developing Country Perspectives (London: Macmillan).

    Google Scholar 

  • Montiel, P. (1994) ‘Capital Mobility in Developing Countries: Some Measurement Issues and Empirical Estimates’, World Bank Economic Review, vol. 8, no. 3 (September).

    Google Scholar 

  • Nurkse, R. (1944) International Currency Experience (League of Nations).

    Google Scholar 

  • Obstfeld, M. (1995) ‘International Currency Experience: New Lessons and Lessons Relearned’, Brookings Papers on Economic Activity, no. 1.

    Google Scholar 

  • Pritchett, L. (1991) ‘Measuring Outward Orientation in Developing Countries: Can It Be Done?’, Policy Research Working Paper, no. 566 (Washington, DC: World Bank).

    Google Scholar 

  • Quirk, P. J. (1994) ‘Capital Account Convertibility: A New Model for Developing Countries’ in T. Balino and C. Cottardli (eds) Frameworks for Monetary Stability (Washington, DC: International Monetary Fund).

    Google Scholar 

  • Reisen, H. and B. Fischer (eds) (1993) Financial Opening: Policy Issues and Experiences in Developing Countries (Paris: OECD).

    Google Scholar 

  • Rojas-Suarez, L. and S. R. Weisbrod (1995) Financial Fragilities in Latin America: The 1980s and 1990s, IMF Occasional Paper, no. 132.

    Google Scholar 

  • Sachs, J. (1995a) ‘Do We Need an International Lender of Last Resort?’, Frank D. Graham Lecture, Princeton University, 20 April, mimeo.

    Google Scholar 

  • Sachs, J. (1995b) Alternative Approaches to Financial Crises in Emerging Markets’, November, mimeo.

    Google Scholar 

  • Schadler, S., M. Carkovic, A. Bennett and R. Kahn (1993) ‘Recent Experiences with Surges in Capital Inflows’, IMF Occasional Paper, no. 108.

    Google Scholar 

  • Spahn, P. B. (1995) ‘International Financial Flows and Transactions Taxes, Survey and Options’, IMF Working Paper 95/60.

    Google Scholar 

  • Ul Haq, M., I. Kaul and I. Grunberg (eds) (1996) The Tobin Tax: Coping with Financial Volatility (New York and Oxford: Oxford University Press).

    Google Scholar 

  • UNCTAD (United Nations Conference on Trade and Development) (1994) ‘Controls on International Capital Movements’ in Trade and Development Report, 1994 (New York and Geneva: United Nations), pp. 95–115.

    Google Scholar 

  • White, W. R. (1966) ‘International Agreements in the Area of Banking and Finance: Accomplishments and Outstanding Issues’, Bank for International Settlements, mimeo.

    Google Scholar 

  • Williamson, J. (1991) ‘On Liberalizing the Capital Account’ in R. O’Brien (ed.) Finance and the International Economy, vol. V (Oxford, for the Amex Bank Review).

    Google Scholar 

  • Williamson, J. (1996) ‘Prospects for Avoiding Crises with Liberalized Capital Flows’, Institute for International Economics, Washington, DC, mimeo.

    Google Scholar 

  • World Bank (1996) Global Economic Prospects and the Developing Countries Washington, DC: World Bank).

    Google Scholar 

  • Zutshi, U. (1995) ‘Aspects of the Final Outcome of the Negotiations on Financial Services of the Uruguay Round’, UNCTAD Discussion Papers, no. 109 (December).

    Google Scholar 

Download references

Authors
  1. G. K. Helleiner
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. University of Toronto, Canada

    G. K. Helleiner (Professor of Economics) (Professor of Economics)

Copyright information

© 1999 United Nations Conference on Trade and Development

About this chapter

Cite this chapter

Helleiner, G.K. (1999). Capital Account Regimes and the Developing Countries: Issues and Approaches. In: Helleiner, G.K. (eds) Capital Account Regimes and the Developing Countries. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-15071-7_1

Download citation

Publish with us

Policies and ethics

Search

Navigation