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Whether and When to Liberalize Capital Account and Financial Services

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Abstract

Discussions about international capital movements raise extremely important and controversial questions. Why should countries open up their capital accounts, especially considering that unrestricted international capital movement is a relatively new phenomenon?For example, many OECD countries have not eliminated their foreign exchange restrictions only until the 1980's. If the answer is unequivocally affirmative, does it matter how fast should countries do so? Should they wait until "all essential pieces" of the policy package are in place before they eliminate all restrictions? How are international capital movements related to domestic financial sectors? Is there a difference between opening to competition an industry such as car manufacturing as compared to the banking sector? Should the opening of the banking sector be governed by different rules? These questions have also implications for the World Trade Organization. It is well known, that the Uruguay Round Agreements have already provided a coverage for a number of aspects that are directly related to foreign investment. Rules established elsewhere such as in the context of changes to the IMF Articles will obviously have an important bearing for the implementation of rules agreed in the Uruguay Round. This raises a variety of other questions in the mind of some observers.

Suggested Citation

  • Williamson, J. & Drabek, Z., 1999. "Whether and When to Liberalize Capital Account and Financial Services," Economic Research and Analysis Division (ERAD) 99-03, World Trade Organization. Economic Research and Analysis Division (ERAD).
    • Handle: RePEc:fth:wtoera:99-03
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    Cited by:

    1. Singh, Ajit, 2009. "Globalisation, Openness and Economic Nationalism: Conceptual Issues and Asian Practise," MPRA Paper 24287, University Library of Munich, Germany.
    2. Luis Angeles, "undated". "Monetary Policy and the Stock Market: Some International evidence," Working Papers 2006_13, Business School - Economics, University of Glasgow.
    3. L Angeles, 2005. "Capital Account Openness and Bankruptcies," Centre for Growth and Business Cycle Research Discussion Paper Series 65, Economics, The University of Manchester.
    4. Lupo Pasini, Federico, 2012. "The International Regulatory Regime on Capital Flows and Trade in Services," ADBI Working Papers 338, Asian Development Bank Institute.
    5. Singh, Ajit, 1994. "How did East Asia grow so fast? Slow progress towards an analytical consensus," MPRA Paper 53435, University Library of Munich, Germany.

    More about this item

    Keywords

    CAPITAL ; INTERNATIONAL FINANCIAL MARKET ; LIBERALIZATION;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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