Who needs to open the capital account / [Olivier Jeanne, Arvind Subramanian, John Williamson].

By:

Jeanne, Olivier

Contributor(s):

Material type: Text

TextPublication details: Washington, D.C. : Peterson Institute for International Economics, 2012.Description: 1 online resource (xiii, 132 pages) : illustrationsContent type:

text

Media type:

computer

Carrier type:

online resource

ISBN:

9780881326482
0881326488
1280378956
9781280378959

Subject(s): Additional physical formats: Print version:: Who needs to open the capital account.DDC classification:

332/.0424 23

LOC classification:

HG3891 .J43 2012eb

Online resources:

EBSCOhost

Contents:

Introduction -- Capital flows to developing and emerging-market economies during the 2007-10 crisis -- The case for prudential capital controls -- Capital account liberalization and growth -- Specific component flows -- Conclusion: a new international pact on capital flows.

Summary: Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account opening has occurred, with the result that all developed and many emerging-market countries now have capital accounts that are both de facto and de jure open, while many developing countries also have de facto openness. This study examines this in part by considering some of the first lessons from the current global financial crisis. This crisis may change the terms of the debate on capital account liberalization in a deeper and more lasting way than any of the crises of the past two decades because it may mark a reversal in the secular trend of financial liberalization at the core of the international financial system. The current crisis also raises new questions about the appropriate policy responses to boom-bust dynamics in domestic credit and in international credit flows. Intellectual consistency is needed between the domestic and international dimensions of financial regulation and the policies aimed at dealing with boom-bust dynamics in domestic and international credit.

Holdings ( 1 )
Title notes ( 5 )

Holdings
Item type	Current library	Collection	Call number	Status	Date due	Barcode	Item holds
eBook	e-Library	EBSCO Business		Available

Total holds: 0

Includes bibliographical references and index.

Print version record.

Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account opening has occurred, with the result that all developed and many emerging-market countries now have capital accounts that are both de facto and de jure open, while many developing countries also have de facto openness. This study examines this in part by considering some of the first lessons from the current global financial crisis. This crisis may change the terms of the debate on capital account liberalization in a deeper and more lasting way than any of the crises of the past two decades because it may mark a reversal in the secular trend of financial liberalization at the core of the international financial system. The current crisis also raises new questions about the appropriate policy responses to boom-bust dynamics in domestic credit and in international credit flows. Intellectual consistency is needed between the domestic and international dimensions of financial regulation and the policies aimed at dealing with boom-bust dynamics in domestic and international credit.

Added to collection customer.56279.3