This paper shows that the effect of capital account liberalization on growth depends upon the environment in which that policy occurs. A theoretical model demonstrates the possibility of an inverted-U shaped relationship between the responsiveness of growth to capital account liberalization and...

The effects of capital account openness on economic growth may vary across countries. Some countries may not have in place the constellation of institutions required to fully benefit from open capital accounts. Other countries may realize only small marginal improvements in the wake of capital...

The Cuban government has a dominant role to play in determining the future landscape of the country's financial markets. This is a multifaceted issue. Finance operates in combination with a constellation of other factors, including sound laws, institutions that respect property rights, and...