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Capital Account Management or Laissez-faire of Capital Flows in Developing Countries

In: Financial Liberalization and Economic Performance in Emerging Countries

Author

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  • Jan Priewe

Abstract

The academic and political debates on the issue of capital controls versus capital account liberalization in developing countries seem to be never-ending. When the Bretton Woods institutions were founded a vast majority was in favour of control, at least for the option of control, although the global commercial financial markets did not play a significant role for developing countries at that time. Keynes was not the only critic of unfettered capital flows in the postwar world economy (Boughton 2002). He promoted the priority of trade, while the supposed volatile commercial capital flows were seen as a disturbing, not a supporting, factor for the real economy.

Suggested Citation

  • Jan Priewe, 2008. "Capital Account Management or Laissez-faire of Capital Flows in Developing Countries," Palgrave Macmillan Books, in: Philip Arestis & Luiz Fernando Paula (ed.), Financial Liberalization and Economic Performance in Emerging Countries, chapter 3, pages 26-51, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-22774-3_3
    DOI: 10.1057/9780230227743_3
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    Cited by:

    1. Guizzo, Danielle & Strachman, Eduardo & Dalto, Fabiano & Feijo, Carmem, 2018. "Financialisation and Development: how can emerging economies catch up?," MPRA Paper 87076, University Library of Munich, Germany.
    2. Moumita Basu & Ranjanendra Narayan Nag & Bhaskar Goswami, 2021. "Exchange Rate, Output and Macroeconomic Policy: A Structuralist Approach," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 60(2), pages 103-118.
    3. Yan Liang, 2011. "Money-manager capitalism, capital flows and development in emerging market economies: a Post-Keynesian Institutionalist analysis," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 9, pages 179-201, Edward Elgar Publishing.

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