After the industrial countries established current account convertibility in the late1950s, they began to phase out their capital controls. Their efforts were s

Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.

This paper examines issues in sequencing and pacing capital account liberalization and draws lessons from experience in four countries (Chile, Indonesia, Korea,

This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average,