Is the Chinese growth miracle - a remarkably high growth rate sustained for over two decades - likely to persist or are the seeds of its eventual demise contained in the policies that have boosted growth? For all its presumed flaws, the particular approach to macroeconomic and structural...

We analyze three related but distinct concepts concerning the renminbi’s role in the globalmonetary system: (i) “internationalization” of the currency; (ii) currency convertibility; and (iii)reserve currency status. Their sequencing in relation to other policy goals such as financialsector...

Cross-country regressions suggest little connection from foreign capital inflows to more rapid economic growth for developing countries and emerging markets. This suggests that the lack of domestic savings is not the primary constraint on growth in these economies, as implicitly assumed in the...

This paper reviews the history and controversies associated with capital account management. It first looks at the transition from the acceptance at the Bretton Woods conference of capital account regulations as a normal policy instrument to the liberalization of the capital account, first in...

The paper discusses the pros and cons of capital account liberalization. Rather than contrasting liberalization and regulation of capital flows as irreconcilable antagonisms, we argue that capital account liberalization requires institutional and regulatory safeguards. Even though the...

The objective of this paper is to investigate the empirical relationship between capital account liberalization and economic growth in three Maghreb countries (Algeria, Mo- rocco, and Tunisia) using the GMM technique. The study of this relationship has al- ways been of particular interest...