Argument for delaying capital account convertibility in the sequencing of a liberalization program are reviewed. Several of the common arguments for capital controls are questioned here on the grounds that they depend on assumptions about policy and market failures being exogenous. Relaxing...

The view that capital flows are typically exogenous destabilizing factors suggests the need for heavy regulation of financial flows. Another view, that capital flows are largely rational, endogenous responses to underlying conditions, suggests that policies, rather than market responses, are...

Purpose – The purpose of this paper is to review concepts and measurements related to financial globalization such as financial openness, financial integration, monetary interdependence, and the mobility and movement of capital. Design/methodology/approach – This paper surveys the...