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"Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the

This paper reviews the experience with capital controls in industrial and developing countries, considers the policy issues raised when the effectiveness of cap

Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account openi

After the Asian economic crisis, Asian countries saw the highs and lows of the costs and benefits of liberalization. When capital flows into a country it increa