Capital controls in an integrated world : A review of recent developments, policies and the academic debate

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Title: Capital controls in an integrated world : A review of recent developments, policies and the academic debate
Author: Herrala, Risto
Organization: Bank of Finland
Department / Unit: Siirtymätalouksien tutkimuslaitos (BOFIT)
Institute for Economies in Transition (BOFIT)
Series: BOFIT Policy Brief
ISSN: 2342-205X
Series year: 2020
Series number: 9/2020
Year of publication: 2020
Publication date: 25.8.2020
Pages: 18
Subject (yso): pääomanliikkeet; sääntely
Keywords: Bofit-kokoelma; pääomatase; kehittyvät markkinat
Other keywords: capital account liberalization; financial opening; emerging economies
Abstract: With the exception of financial crisis episodes, financial openness has increased across countries in recent decades. With international agreements now cementing the relatively open capital accounts of developed economies, the focus of the debate on capital account liberalization has moved on to emerging market economies (EMEs). While capital account liberalization can be desirable in improving access to finance, recent findings indicate that capital controls may be useful in strengthening financial stability in EMEs and in securing monetary policy autonomy against volatility of international capital flows. Recent developments, policies, and the academic debate are considered in light of the gaps in our understanding of how to apply capital controls in combination with other policy instruments, as well as the uncertainty over how to liberalize the capital account while maintaining financial stability.
Rights: https://helda.helsinki.fi/bof/copyright


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