The global trend toward lilberalization in countries' international payments and transfer systems has been widespread in both industrial and developing countries and most dramatic in Central and Eastern Europe. Countries in general have brought their exchange systems more in line with market...

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...