In the countries of Eastern Europe the question as to the degree of currency convertibility is among the most important decisions to be taken when setting the framework for a free market economy. This article attempts to indicate the monetary and fiscal measures that will be required if the...

Many developing countries are currently considering liberalisation of external capital flows. While the ultimate objective of financial opening is to raise efficiency and growth, the reform process must be carefully designed to achieve these results. A recent conference has discussed the policy...

• Advanced developing countries are increasingly encouraged to remove existing capital controls, but mixed experiences with capital account opening caution that reform must be carefully designed to increase efficiency and growth without compromising stability • A gradual dismantling of...