A large literature on the appropriate sequencing of financial liberalization suggests that removing capital controls prematurely may contribute to currency instability. This paper investigates whether legal restrictions on international capital flows are associated with greater currency...

A large literature on the appropriate sequencing of financial liberalization suggests that removing capital controls prematurely may contribute to currency instability. This paper investigates whether legal restrictions on international capital flows are associated with greater currency...

This Economic Letter briefly reviews 11 papers that provide analytical perspectives and new empirical evidence on the causes of these crises as well as the appropriate policy responses. These papers, prepared for a conference sponsored by the Federal Reserve Bank of San Francisco’s Center for...

This Economic Letter summarizes the papers presented at the conference on "Emerging Markets and Macroeconomic Volatility: Lessons from a Decade of Financial Debacles" held at the Federal Reserve Bank of San Francisco on June 4-5, 2004, under the joint sponsorship of the Bank's Center for Pacific...