Skip to main content

Capital Account Convertibility, Poor Developing Countries, and International Financial Architecture

Buy Article:

The full text article is temporarily unavailable.

We apologise for the inconvenience. Please try again later.

Capital account liberalisation can deliver modest benefits to poor countries. However, the attainment of these benefits depends on prior or simultaneous liberalisation of the banking sector, and on policy and institutional quality. By itself, liberalisation of the capital account will deliver relatively little. It is inconsistent with pegged exchange rates. This all suggests caution. Capital account liberalisation also leaves poor countries more vulnerable to crises. This vulnerability should form part of the agenda of the multilateral agencies. This article argues that debt standstills are the appropriate instrument to deal with this problem; the negotiation of such procedures is an important issue for the IMF in the coming years.
No References
No Citations
No Supplementary Data
No Data/Media
No Metrics

Document Type: Research Article

Affiliations: 1: Vrije Universitiet, Amsterdam, CEPR, London, and Tinbergen Institute, The Netherlands 2: Department of Economics and University College, Oxford 3: Department of Economics and Balliol College, Oxford, Australian National University, Canberra, and CEPR, London

Publication date: 2001-01-01

  • Access Key
  • Free content
  • Partial Free content
  • New content
  • Open access content
  • Partial Open access content
  • Subscribed content
  • Partial Subscribed content
  • Free trial content
Cookie Policy
Cookie Policy
Ingenta Connect website makes use of cookies so as to keep track of data that you have filled in. I am Happy with this Find out more