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Sequencing capital account liberalization : Lessons from the experiences in Chile, Indonesia, Korea, and Thailand

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  • Sequencing capital account liberalization
  • Johnston, R. Barry; Darbar, Salim M.; Echeverria, Claudia
  • International Monetary Fund


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Title Sequencing capital account liberalization
Similar Titles
Sub Title

Lessons from the experiences in Chile, Indonesia, Korea, and Thailand

Material Type Articles
Author(English)

Johnston, R. Barry; Darbar, Salim M.; Echeverria, Claudia

Publisher

[Washington, D.C.]:International Monetary Fund

Date 1997-11
Series Title; No IMF Working Paper / 97/157
Pages 115
Subject Country Chile(Americas)
Indonesia(Asia and Pacific)
South Korea(Asia and Pacific)
Thailand(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding IMF

Abstract

This paper examines issues in sequencing and pacing capital account liberalization and draws lessons from experience in four countries (Chile, Indonesia, Korea, and Thailand). The paper focuses on the interrelationship between capital account liberalization, domestic financial sector reforms, and the design of monetary and exchange rate policy. It concludes that capital account liberalization should be approached as an integrated part of comprehensive reform strategies and should be paced with the implementation of appropriate macroeconomic and exchange rate policies.