The paper summarizes the main issues arising from experiences of industrial and developing countries with capital account liberalization and it examines the IMF's treatment of capital controls in its surveillance, use of IMF resources, and technical assistance activities. Case studies of recent...

In recent years, an increasing number of developing countries have adopted market-determined floating exchange rates. This development has represented a significant step forward in the evolution toward exchange rate flexibility that has taken place in the developing country group since the...

This paper analyzes issues for developing countries considering a move to capital account convertibility. It reviews the relevant literature, including arguments for sequencing, and analyses in a series of charts various features of the foreign exchange market impact of removing controls, as...

This paper reviews recent experience with the choice of floating or fixed (“anchor”) exchange regimes in industrial and developing countries. It concludes that desirable differences between the two sets of regimes have narrowed, owing to the useful operational role of exchange rate margins...

This paper analyses issues for developing countries with structurally sound balance of payments that are considering a move to full currency convertibility. The main experiences of industrial countries in their decontrol of international capital transactions are reviewed, with an emphasis on the...

This paper was presented at the SEACEN Seminar on Foreign Exchange Liberalization Experiences in the SEACEN Countries, held in Seoul and hosted by the Bank of Korea from May 30 - June 1, 1994. It analyses the elements towards an appropriate foreign exchange regime which stimulates in the global...

The period since the introduction of generalized floating has been marked by wide variation in the extent of official intervention in foreign exchange markets. This, and the scope for different strategies under international agreements, has made evaluation of these policies difficult. The...