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Journal articles on the topic 'Capital-account liberalization'

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Published: 4 June 2021

Last updated: 26 July 2025

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1

Rajan, Raghuram, and Eswar Prasad. "Controlled Capital Account Liberalization." IMF Policy Discussion Papers 2005, no. 007 (2005): 1. http://dx.doi.org/10.5089/9781451975741.003.

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2

Singh, Rimjhim. "Capital Account Liberalization Debates." VEETHIKA-An International Interdisciplinary Research Journal 8, no. 4 (2022): 16–19. http://dx.doi.org/10.48001/veethika.2022.08.04.003.

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 Abstract: The case for capital account liberalization has been the centre of outgoing debate. This paper discusses both the short term and longer term flows (FDI). This paper is divided into 5 sections. Section 1 presents the claims of neoclassical economists who believe that the case for free trade is the same as the case for capital account liberalization. They further point out that such liberalization increases social welfare and promotes efficiency. Section 2 provides the critique of the classical view as several assumptions made in traditional theory may not hold in real life. Sec

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3

Iqbal, Badar Alam, Nida Rahman, and Mohd Nayyer Rahman. "Capital Account Liberalization and Capital Movement in China." Journal of Comparative Asian Development 18, no. 1 (2021): 63–78. http://dx.doi.org/10.4018/jcad.2021010103.

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Capital account liberalization has always been at the core of economic policymaking. China is a country which has chosen to go gradual in opening up the capital account. The present research seeks to manoeuvre aspects of capital account liberalization for the Chinese economy. An empirical investigation is run for ascertaining the particular influence capital controls has had on foreign direct investment in China which has outpaced other capital flows in the past decades. The model applied involves foreign direct investment inflows as the dependent variable while four variables are independent.

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4

Rakov, I. D. "Capital account liberalization in Chile." Economics: Theory and Practice, no. 1 (2022): 58–64. http://dx.doi.org/10.31429/2224042x_2022_65_58.

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5

Furceri, Davide, and Prakash Loungani. "Capital Account Liberalization and Inequality." IMF Working Papers 15, no. 243 (2015): 1. http://dx.doi.org/10.5089/9781513531083.001.

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6

WENJUN, LI. "Capital Account Liberalization in China." Chinese Economy 37, no. 1 (2004): 85–116. http://dx.doi.org/10.1080/10971475.2004.11033481.

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7

Gruben, William C., and Darryl McLeod. "Capital account liberalization and inflation." Economics Letters 77, no. 2 (2002): 221–25. http://dx.doi.org/10.1016/s0165-1765(02)00137-4.

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8

Cobham, Alexander. "Capital Account Liberalization and Poverty." Global Social Policy: An Interdisciplinary Journal of Public Policy and Social Development 2, no. 2 (2002): 163–88. http://dx.doi.org/10.1177/1468018102002002740.

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9

Henry, Peter Blair. "Capital Account Liberalization: Theory, Evidence, and Speculation." Journal of Economic Literature 45, no. 4 (2007): 887–935. http://dx.doi.org/10.1257/jel.45.4.887.

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Research on the macroeconomic impact of capital account liberalization finds few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. Most papers that find no effect of liberalization on real variables tell us nothing about the empirical validity of the theory because they do not really test it. This paper explains why it is that most studies do not really address the theory they set out to test. It also discusses what is necessary to te

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10

Prasad, Eswar S., and Raghuram G. Rajan. "A Pragmatic Approach to Capital Account Liberalization." Journal of Economic Perspectives 22, no. 3 (2008): 149–72. http://dx.doi.org/10.1257/jep.22.3.149.

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In the mid-1990s, mainstream economists of nearly all stripes commonly recommended capital account liberalization—that is, allowing a free flow of funds in and out of a country's economy—as an essential step in the process of economic development. But then came the East Asian financial crisis of 1997–98, in which even seemingly healthy and well-managed economies like those of South Korea were engulfed by massive capital outflows and tremendous currency volatility, and capital account liberalization became quite controversial in the economics profession. A decade later, now that time has quelle

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11

LAW, SIONG HOOK, and W. N. W. AZMAN-SAINI. "CAPITAL ACCOUNT LIBERALIZATION AND ECONOMIC PERFORMANCE IN MALAYSIA." Singapore Economic Review 58, no. 03 (2013): 1350022. http://dx.doi.org/10.1142/s0217590813500227.

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This study examines the impact of capital account liberalization on economic growth in Malaysia from 1970 to 2004. It uses two measures of capital account openness, namely de jure (an index of liberalization) and de facto (the volume of capital flows). The empirical results based on the modified growth model demonstrate that the de jure measure of capital account liberalization shows an adverse effect on growth in Malaysia. However, the de facto measure shows a robust positive effect on economic growth. The results also highlight that the effect of capital account liberalization on growth is c

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12

Lockwood, Ben, Michael B. Devereux, and Michela Redoano. "Capital Account Liberalization and Corporate Taxes." IMF Working Papers 03, no. 180 (2003): 1. http://dx.doi.org/10.5089/9781451859133.001.

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13

Steinberg, David A., Stephen C. Nelson, and Christoph Nguyen. "Does democracy promote capital account liberalization?" Review of International Political Economy 25, no. 6 (2018): 854–83. http://dx.doi.org/10.1080/09692290.2018.1486725.

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14

Bumann, Silke, and Robert Lensink. "Capital account liberalization and income inequality." Journal of International Money and Finance 61 (March 2016): 143–62. http://dx.doi.org/10.1016/j.jimonfin.2015.10.004.

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15

Park, Donghyun. "Reputational benefits of capital account liberalization." Atlantic Economic Journal 24, no. 4 (1996): 379. http://dx.doi.org/10.1007/bf02298440.

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16

Zheng, Zhiyong, Jian He, Yang Bian, Chen Feng, and Mengting Zhang. "How Does Capital Account Liberalization Affect Systemic Financial Risks? Evidence from China." Mathematical Problems in Engineering 2021 (April 16, 2021): 1–13. http://dx.doi.org/10.1155/2021/5512471.

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Capital account liberalization typically results in higher volumes of capital inflows and outflows for a country, yet abnormal cross-border capital flows may lead to overall financial risk accumulation, in turn causing tremendous damages to the economy. Using a time-varying parameter structural vector autoregression model with stochastic volatility (SV-TVP-SVAR), we identify time-varying effects of capital account liberalization on four types of systemic financial risks in China. Empirical results demonstrate that capital account liberalization, in the short run, can effectively curb the accum

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17

Kim, Soyoung, and Doo Yong Yang. "Are Capital Controls Effective? The Case of the Republic of Korea." Asian Development Review 29, no. 02 (2012): 96–133. http://dx.doi.org/10.1142/s0116110512500138.

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Capital controls have recently attracted interest as capital surges in emerging market economies threaten to bring about economic instability and heighten difficulties in implementing macroeconomic policies. While an option that can be taken to deal with huge capital inflows involves the use of capital controls, there is no consensus on their effectiveness. Against this background, our paper aims to investigate the effectiveness of capital controls in the Republic of Korea. This paper first reviews the history of capital account policy, which can be divided into five stages: (i) gradual libera

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18

Gemici, Kurtuluş. "Rushing toward currency convertibility." New Perspectives on Turkey 47 (2012): 33–55. http://dx.doi.org/10.1017/s0896634600001692.

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AbstractIn 1989, Turkey became one of the first—and few—emerging economies to fully liberalize its capital account. Given the adverse macro-economic conditions before the reforms, it is puzzling that Turkish policy-makers implemented policies amounting to a comprehensive and imprudent capital account liberalization. Using in-depth interviews with a significant number of key decision-makers behind capital account liberalization and employing archival material from news sources on the debates surrounding the reform process, this article examines the policy objectives and rationale behind the Tur

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19

Mosharraf, Ridwan Hossain, and Sakib Bin Amin. "The Effect of Capital Account Liberalization on Income Inequality, focusing on South Asia." International Journal of Economics and Financial Issues 12, no. 3 (2022): 121–32. http://dx.doi.org/10.32479/ijefi.12939.

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As a result of globalisation, countries across the world have opened their capital accounts, affecting economic growth, bargaining power of labor, and income inequality. A disproportionately large number of studies on capital account liberalization has focused on OECD and developed countries, leaving gaps in the literature for developing countries. To address this research gap, this paper focuses on the effect of capital account liberalization on changes in income inequality in South Asian countries, specifically Bangladesh, India, and Pakistan. Following Furceri and Lougani (2018), Li and Su

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20

Altinkemer, Melike, and Nazim K. Ekinci. "Capital Account Liberalization: The Case of Turkey." New Perspectives on Turkey 8 (1992): 89–108. http://dx.doi.org/10.15184/s0896634600000637.

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After experiencing serious macroeconomic imbalances in the 1977-1980 period, fundamental policy changes were introduced in Turkey on January 24, 1980. The problems addressed were typical of a middle income country constrained by its balance of payments: inability to service foreign debt and inability to finance imports required for production, high inflation rates, and all other related macroeconomic imbalances. The reasons for the 1977-1980 crisis and subsequent developments, including post-1980 developments, have already been studied extensively by a number of researchers. We shall, therefor

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21

von Hagen, Jrgen, and Haiping Zhang. "A Welfare Analysis of Capital Account Liberalization." Review of International Economics 16, no. 3 (2008): 576–90. http://dx.doi.org/10.1111/j.1467-9396.2008.00746.x.

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22

He, Dong, and Paul Luk. "A MODEL OF CHINESE CAPITAL ACCOUNT LIBERALIZATION." Macroeconomic Dynamics 21, no. 8 (2016): 1902–34. http://dx.doi.org/10.1017/s1365100516000043.

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We provide a theory-based inquiry into the contours of China's international balance sheets after the renminbi becomes convertible under the capital account. We construct a two-country general equilibrium model with trading in equities and bonds and calibrate the model with U.S. and Chinese data. We interpret Chinese capital account liberalization as a removal of restrictions that prohibit agents trading Chinese bonds and U.S. equities. We explore how international risk-sharing can be achieved through portfolio diversification in each of these asset market configurations. We also look at how t

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23

Noy, Ilan, and Tam B. Vu. "Capital account liberalization and foreign direct investment." North American Journal of Economics and Finance 18, no. 2 (2007): 175–94. http://dx.doi.org/10.1016/j.najef.2007.04.001.

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24

Vithessonthi, Chaiporn, and Jittima Tongurai. "The impact of capital account liberalization measures." Journal of International Financial Markets, Institutions and Money 22, no. 1 (2012): 16–34. http://dx.doi.org/10.1016/j.intfin.2011.07.003.

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25

Quinn, Dennis P., and A. Maria Toyoda. "Does Capital Account Liberalization Lead to Growth?" Review of Financial Studies 21, no. 3 (2008): 1403–49. http://dx.doi.org/10.1093/rfs/hhn034.

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26

Kim, Woochan. "Does Capital Account Liberalization Discipline Budget Deficit?" Review of International Economics 11, no. 5 (2003): 830–44. http://dx.doi.org/10.1046/j.1467-9396.2003.00420.x.

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27

Furceri, Davide, and Prakash Loungani. "The distributional effects of capital account liberalization." Journal of Development Economics 130 (January 2018): 127–44. http://dx.doi.org/10.1016/j.jdeveco.2017.09.007.

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28

Ersel, Hasan. "The Timing of Capital Account Liberalization: The Turkish Experience." New Perspectives on Turkey 15 (1996): 45–64. http://dx.doi.org/10.1017/s089663460000248x.

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Liberalization programs are aimed at the removal of the restrictions placed upon the working of the market mechanism. These restrictions may be broadly classified under two categories. The first category of restrictions is aimed at the control of domestic markets, particularly financial markets. The underlying idea behind liberalization programs is that the removal of such restrictions will have a positive impact on the efficiency of domestic markets. The second group of restrictions are of an indirect nature and are aimed at the protection of the domestic economy from the effects of developme

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29

Henry, Peter Blair. "Capital-Account Liberalization, the Cost of Capital, and Economic Growth." American Economic Review 93, no. 2 (2003): 91–96. http://dx.doi.org/10.1257/000282803321946868.

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30

Mirdala, Rajmund. "Macroeconomic aspects of financial liberalization." Panoeconomicus 53, no. 4 (2006): 439–56. http://dx.doi.org/10.2298/pan0604439m.

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The positive and the negative macroeconomic aspects of the financial liberalization for the developing and emerging economies are well described in the present literature. But it is not easy to clearly summarize the final effects of the financial integration on the certain country. For instance the argument about the growth benefits of the capital account liberalization is likely to be inadequate considering the financial crises in the emerging markets at the end of the last century. On the other hand, many authors (especially in the financial literature) report that the equity market liberali

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31

Rehman, Muhammad Atiq-Ur, Furrukh Bashir, Salyha Zulfiqar Ali Shah, and Muhammad Azhar Bhatti. "Capital Account Liberalization Institutions and Economic Growth in the Emerging World." Journal of Accounting and Finance in Emerging Economies 7, no. 3 (2021): 749–56. http://dx.doi.org/10.26710/jafee.v7i3.1984.

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Purpose: The relationship between capital account liberalization and economic growth has been a fervently discussed subject among economists and policy-makers. The role of institutions is imperious to comprehensively investigate the impact of financial openness on growth. The objective of the study is to inspect the nexus between financial liberalization and economic growth after incorporating the contribution of institutional quality. Methodology: A panel of data on 17 emerging market economies (EMEs) is used for the period 1995-2019. We employ the GMM technique by using different de fa

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32

Jiang, Chun, Amei Feng, and Chunhuan Xiao. "Does Capital Account Liberalization Spur Entrepreneurship: The Role of Financial Development." Sustainability 13, no. 16 (2021): 9238. http://dx.doi.org/10.3390/su13169238.

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Entrepreneurship is regarded as the cornerstone of the sustainable development of a society. In this study, we empirically investigate the possible economic impacts of capital account liberalization on entrepreneurship. Using a panel dataset of 103 countries and regions and the system generalized method of moments (GMM), this paper demonstrates a positive relationship between capital account liberalization and entrepreneurship in developed economies whereas a negative relationship in developing economies. Furthermore, domestic financial development plays an important moderating role in the rel

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33

El‐Shagi, Makram, and Steven J. Yamarik. "IMF conditionality and capital controls: Capital account liberalization to capital inflow management?" Review of International Economics 29, no. 3 (2021): 590–605. http://dx.doi.org/10.1111/roie.12522.

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34

GRITLI, MOHAMED ILYES, and FATMA MARRAKCHI CHARFI. "CAPITAL ACCOUNT, INSTITUTIONAL QUALITY, AND ECONOMIC GROWTH IN MENA COUNTRIES: A GMM APPROACH." Annals of Financial Economics 11, no. 04 (2016): 1650016. http://dx.doi.org/10.1142/s2010495216500160.

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Despite the diversity of theoretical and empirical studies, the question of capital account–economic growth relationship remains a controversial issue. The aim of the paper is to complete the existing evidence focusing on Middle East and North Africa (MENA) countries, while taking into account the institutional quality. In this context, various estimates were made by generalized method of moments (GMM) over the period of 1986–2012 for 11 countries. The results show that corruption and democratic accountability have a significant and negative impact on economic growth if capital account liberal

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35

Ben Salha, Ousama, Tarek Bouazizi, and Chaker Aloui. "Financial Liberalization, Banking Crises and Economic Growth: The Case of South Mediterranean Countries." Global Economy Journal 12, no. 3 (2012): 1850264. http://dx.doi.org/10.1515/1524-5861.1816.

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The central aim of this paper is to empirically assess the effects of financial liberalization on economic growth in the presence of banking crises. Our empirical investigation is based on a dynamic panel model for a sample of 10 South Mediterranean countries during the period 1980-2005. Results suggest that equity market liberalization positively affects economic growth in these countries, especially in the period of fragility and banking crises. Capital account liberalization, however, has no significant effects. As expected, banking crises exert negative effects on economic growth. When we

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36

Braun, Matías, and Claudio Raddatz. "Trade liberalization, capital account liberalization and the real effects of financial development." Journal of International Money and Finance 26, no. 5 (2007): 730–61. http://dx.doi.org/10.1016/j.jimonfin.2007.04.011.

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37

Kalsie, Anjala, Jappanjyot Kaur Kalra, and Jyoti Dhamija. "Capital Account Liberalization Indices: A Review of Literature." Journal of Advances in Management Sciences & Information Systems 6 (June 2, 2020): 1–15. http://dx.doi.org/10.6000/2371-1647.2020.06.01.

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38

Sy, Amadou N. R. "Capital Account Liberalization and Risk Management in India." IMF Working Papers 07, no. 251 (2007): 1. http://dx.doi.org/10.5089/9781451868142.001.

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39

Glick, Reuven, Xueyan Guo, and Michael Hutchison. "Currency Crises, Capital-Account Liberalization, and Selection Bias." Review of Economics and Statistics 88, no. 4 (2006): 698–714. http://dx.doi.org/10.1162/rest.88.4.698.

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40

de Mendonça, Helder Ferreira, and Manoel Carlos de Castro Pires. "Capital account liberalization and inflation: evidence from Brazil." Applied Economics Letters 14, no. 7 (2007): 483–87. http://dx.doi.org/10.1080/13504850500461506.

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41

Feldmann, Horst. "Capital account liberalization and unemployment in industrial countries." Applied Economics Letters 20, no. 6 (2013): 566–71. http://dx.doi.org/10.1080/13504851.2012.718058.

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42

Klein, Michael W., and Giovanni P. Olivei. "Capital account liberalization, financial depth, and economic growth." Journal of International Money and Finance 27, no. 6 (2008): 861–75. http://dx.doi.org/10.1016/j.jimonfin.2008.05.002.

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43

Mathieson, Donald J., and Liliana Rojas-Suárez. "Liberalization of the Capital Account: Experiences and Issues." IMF Working Papers 92, no. 46 (1992): 1. http://dx.doi.org/10.5089/9781451973754.001.

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44

PEPINSKY, THOMAS B. "Do Currency Crises Cause Capital Account Liberalization?1." International Studies Quarterly 56, no. 3 (2012): 544–59. http://dx.doi.org/10.1111/j.1468-2478.2012.00729.x.

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45

Rached, Mounir. "Capital Account Liberalization in the Southern Mediterranean Region." IMF Policy Discussion Papers 1998, no. 011 (1998): 1. http://dx.doi.org/10.5089/9781451969757.003.

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46

Daianu, D., and R. Vranceanu. "Opening the capital account of developing countries: Some policy issues." Acta Oeconomica 53, no. 3 (2003): 245–70. http://dx.doi.org/10.1556/aoecon.53.2003.3.2.

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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

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47

Park, Bokyeong, and Jiyoun An. "Can Capital Account Liberalization Lessen Capital Volatility in a Country with “Original Sin”?" Asian Economic Papers 11, no. 2 (2012): 1–22. http://dx.doi.org/10.1162/asep_a_00150.

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The term “original sin” refers to countries that cannot take out foreign loans that are denominated in its own currency. This study investigates how capital account liberalization affects capital flow volatility in countries with and without original sin. Overall, we find that the level of capital openness increases capital flow volatility, and that countries with original sin experience additional volatility in their capital flows. When the data sample is limited to countries with high institutional quality, the difference remains between the two groups—confirming that the different effects o

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48

Tugrul, Gover. "A comparative analysis of the financial liberalization in Turkey and Brazil." Panoeconomicus 67, no. 2 (2020): 207–24. http://dx.doi.org/10.2298/pan170329023g.

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The objective of this study is to explain the financial liberalization processes in Turkey and Brazil, to analyze the external financial liberalization processes and the financial integration indices and to compare the developments in the financial integration indices of Turkey and Brazil during the period 1980-2013. Our analysis revealed that, on the one hand, Brazil has continued its external liberalization process since the 1990s, but on the other hand, Brazil used two main tools to manage the capital flows, namely, capital controls and liberalization of capital outflows. In contrast, Turke

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49

Okungbowa, Ewere Florence O. "Cash Flow and Profit Impact on Capital Account Liberalization-Investment Growth Nexus in Nigeria: An Aggregated Firm Case." Economics and Business 35, no. 1 (2021): 201–14. http://dx.doi.org/10.2478/eb-2021-0014.

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Abstract The article examines the firm’s investment growth effect following capital liberalization and financial constraints. It employs firm-level aggregated data of 80 firms for the period of 2006 to 2016. Employing the differenced dynamic panel regression technique, the analysis has revealed among others that investment growth appears to be significantly determined by cash flow (internal), thereby indicating the presence of profound financial constraint among firms in all industries. Second, the capital account liberalization appears to drive investment more through the indirect channel (ca

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50

Brooks, Sarah M. "Explaining Capital Account Liberalization in Latin America: A Transitional Cost Approach." World Politics 56, no. 3 (2004): 389–430. http://dx.doi.org/10.1353/wp.2004.0014.

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In the past three decades governments around the world have lowered barriers to international capital flows. This movement is widely attributed to the forces of globalization, as developed nations moved toward relative convergence on international financial openness. Yet developing nations with much to gain from openness to foreign investment moved only hesitantly and inconsistently in this direction. Analysis of two decades of capital account liberalization in Latin America and the OECD reveals that nations in Latin America with weaker domestic financial sectors face higher risks of transitio

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