Capital Account Liberalization: Theoretical and Practical Aspects by Michael Mussa

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Capital Account Liberalization: Theoretical and Practical Aspects

Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be limited through a combination of sound macroeconomic and prudential policies.

Publisher: International Monetary Fund ISBN: 9781452775210 Pages: 72