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Contrôle des flux de capitaux : faut-il garder l’esprit ouvert à cet égard ?

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  • Kenneth S. Rogoff

Abstract

[eng] Rethinking capital controls : when should we keep an open mind ? . In some of its routine surveillance missions during the early to mid-1990s and in some of its technical assistance advice, the IMF was not forceful enough when it warned countries with weak financial systems and inadequate macroeconomic frameworks that they were opening up to short-term borrowing from abroad too quickly. These days, everyone agrees that a more eclectic approach to capital account liberalisation is required. But what should it be ? How can developing countries drink from the waters of international capital markets without being drowned by them ? This article tries to answer these questions analysing capital flows to control or not. It supports then the view that the right starting point for thinking about capital controls must be on very focused, temporary measures aimed at stemming massive temporary inflows or outflows of debt. . JEL classification : E44, G15, 019 [fre] Dans quelques-unes de ses missions routinières de surveillance, au milieu des années 1990, et dans certains de ses conseils d'assistance technique, le FMI n'a pas averti assez énergiquement les pays dont le système financier était fragile et le cadre macroéconomique inadéquat qu'ils s'ouvraient trop rapidement aux emprunts à l'étranger à court terme. Aujourd'hui, chacun convient qu'une stratégie plus éclectique est nécessaire pour la libéralisation des mouvements de capitaux. Mais laquelle ? Comment les pays en développement peuvent-ils s'abreuver à la source des marchés de capitaux internationaux sans s'y noyer ? C'est à ces questions que cet article tente de répondre en analysant les flux de capitaux à contrôler et ceux à encourager, puis en préconisant des mesures très ciblées et temporaires afin de freiner les entrées ou sorties massives temporaires de dettes. . Classification JEL : E44, G15, 019

Suggested Citation

  • Kenneth S. Rogoff, 2003. "Contrôle des flux de capitaux : faut-il garder l’esprit ouvert à cet égard ?," Revue d'Économie Financière, Programme National Persée, vol. 70(1), pages 123-127.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_70_1_4826
    DOI: 10.3406/ecofi.2003.4826
    Note: DOI:10.3406/ecofi.2003.4826
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    References listed on IDEAS

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    1. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 21-42, Fall.
    2. Bulow, Jeremy & Rogoff, Kenneth, 1990. "Cleaning Up Third World Debt without Getting Taken to the Cleaners," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 31-42, Winter.
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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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