Publication: Capital Account Liberalization : What Do Cross-Country Studies Tell Us?
Date
2001-09
ISSN
Published
2001-09
Author(s)
Eichengreen, Barry
Abstract
Capital account liberalization, it is
fair to say, remains one of the most controversial and least
understood policies of our day. One reason is that different
theoretical perspectives have very different implications
for the desirability of liberalizing capital flows. Another
is that empirical analysis has failed to yield conclusive
results. The answer, another influential strand of thought
contends, is that this efficient-markets paradigm is
fundamentally misleading when applied to capital flows.
Limits on capital movements are a distortion. It is an
implication of the theory of the second best that removing
one distortion need not be welfare enhancing when other
distortions are present.
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Citation
“Eichengreen, Barry. 2001. Capital Account Liberalization : What Do Cross-Country Studies Tell Us?. World Bank Economic Review. © World Bank, Washington, DC. http://hdl.handle.net/10986/17435 License: CC BY-NC-ND 3.0 IGO.”
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World Bank Economic Review
1564-698X
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