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 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...

This paper investigates the transmission of monetary policy by private banks in Brazil during the recent easing cycle. The analysis presented uses a panel dataset with information on lending by private banks in Brazil and concludes that monetary transmission through lending volumes was not...

This paper presents a model to determine the tax effort and tax capacity of 113 countries and the main variables on which they depend. The results and the model allow a clear determination of which countries are near their tax capacity and which are some way from it, and therefore, could...