Forty Years' Experience with the OECD Code of Liberalisation of Capital Movements [electronic resource] /
Organisation for Economic Co-operation and Development.
Organisation for Economic Co-operation and DevelopmentContent Provider
Organisation for Economic Co operation and DevelopmentContent Provider
Paris : OECD Publishing,
2002.
The OECD has actively promoted progressive liberalisation of current and capital account operations among its members for over 40 years. Since 1961, OECD countries have engaged in the opening of capital accounts, guided by the provisions and implementation procedures embodied in a unique multilateral instrument: the Code of Liberalisation of Capital Movements. While full freedom of capital movements was achieved by most OECD members more than a decade ago, and in some even earlier, new members (Korea, Mexico, Poland, the Czech Republic, Hungary and the Slovak Republic) have only recently attained the same level of liberalisation. This account of the accumulated OECD experience with capital account liberalisation provides timely and valuable reading for policy makers, academics and financial practitioners alike. Timely, as the debate on the pros and cons of external financial liberalisation by emerging markets is very active at the present juncture. Valuable, because the OECD experience clearly demonstrates the benefits of open capital accounts, as vouched for by the reluctance of its members to resort to restrictions on capital flows -- even in times of financial turmoil.
Description based upon print version of record.
Foreword; Table of Contents; Summary and Conclusions; 1. The OECD Codes-based approach to liberalisation in an evolving global context; 2. Drawing it all together - Lessons and conclusions; 3. Extending and sharing the OECD experience; Chapter I. Institutional Framework and Policy Debate; 1. A historical perspective on capital mobility; 2. Major factors driving exchange control strategies in the post-war period; 3. Policy responses to1997-98 international financial crises: the international governance debate
4. Linkages between domestic financial sector development and capital account liberalisation:...Notes; Chapter II. The Role of the OECD in Promoting Liberalisation of Capital Movements; Introduction; 1. The Codes of Liberalisation: structure and implementation; 2. Liberalisation experiences in older OECD member countries; 3. The liberalisation experience of recent OECD members: a question of governance; Appendix. Stylised indicators of domestic financial development and international financial liber...; Selected Bibliography
Annex: Case Studies of Financial Liberalisation in Four OECD CountriesCzech Republic; Finland; France; Portugal
Includes bibliographical references.
The OECD has actively promoted progressive liberalisation of current and capital account operations among its members for over 40 years. Since 1961, OECD countries have engaged in the opening of capital accounts, guided by the provisions and implementation procedures embodied in a unique multilateral instrument: the Code of Liberalisation of Capital Movements. While full freedom of capital movements was achieved by most OECD members more than a decade ago, and in some even earlier, new members (Korea, Mexico, Poland, the Czech Republic, Hungary and the Slovak Republic) have only recently attained the same level of liberalisation. This account of the accumulated OECD experience with capital account liberalisation provides timely and valuable reading for policy makers, academics and financial practitioners alike. Timely, as the debate on the pros and cons of external financial liberalisation by emerging markets is very active at the present juncture. Valuable, because the OECD experience clearly demonstrates the benefits of open capital accounts, as vouched for by the reluctance of its members to resort to restrictions on capital flows -- even in times of financial turmoil.
International economic integration.
Capital movements
Investments, Foreign