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This paper analyzes the linkages between capital account liberalization and other policies influencing financial sector stability. Drawing on country experiences, the paper develops an operational framework for sequencing and coordinating capital account liberalization with other policies aimed at maintaining financial sector stability. Based on the general principles, a methodology for sequencing capital account liberalization is presented in this paper. This methodology, which is illustrated by an example, involves an assessment of capital controls and macroeconomic and financial sector vulnerabilities, and the design of a plan for sequencing capital account liberalization with financial sector reforms and other policies. Financial systems that have been weakened by inappropriate government involvement also face additional risks when operating in international financial markets. The absence of significant macroeconomic imbalances and the high level of official international reserves at the outset of the crisis also appear to be important factors preventing a full-blown exchange crisis. Nevertheless, the prolongation of the crisis lowered economic growth and ultimately led to a recession and increased the total cost of the crisis resolution.

International finance --- Financial institutions --- Monetary policy --- Capital movements --- Financial crises --- Capital market --- Banks and banking --- State supervision --- kapitaal --- markteconomie --- monetair beleid --- 336.748.8 IMF --- 336.76 --- 339.72 --- 339.74 --- 339.732 --- -Capital market --- -Monetary policy --- liberalisation --- controle --- marches financiers --- marche des capitaux --- macro-economie --- international --- AA* / International - Internationaal --- 382.242.0 --- 382.253 --- 333.480 --- 330.05 --- 332.042 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- Capital markets --- Market, Capital --- Finance --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Money --- Internationaal Monetair Fonds - IMF --- geldmarkt en kapitaalmarkt - geldhandel - valutamarkt (zie ook 330.14) --- Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt. --- Monetaire buitenlandse politiek. Deviezenpolitiek --- Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- liberalisering --- contrôle --- financiele markten --- kapitaalmarkt --- internationaal --- Balans van het kapitaalverkeer: algemeenheden. --- Deviezencontrole (ivm betaligsbalans). --- Geldstelsel. --- Working papers --- Bankwezen --- Financiële instellingen --- Internationale financiën --- Kapitaalmarkt --- Kapitaalverkeer --- Monetair beleid --- Capital market. --- Capital movements. --- Financial crises. --- International finance. --- Monetary policy. --- Bankwezen. --- Financiële instellingen. --- Internationale financiën. --- Kapitaalmarkt. --- Kapitaalverkeer. --- Monetair beleid. --- State supervision. --- 339.732 Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- 339.732 Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- 339.74 Monetaire buitenlandse politiek. Deviezenpolitiek --- 339.72 Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt. --- International monetary system --- International money --- International economic relations --- Geldstelsel --- Balans van het kapitaalverkeer: algemeenheden --- Deviezencontrole (ivm betaligsbalans) --- Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt --- Financial institutions - State supervision --- Banks and banking - State supervision --- Banks and Banking --- Exports and Imports --- Finance: General --- Financial Risk Management --- Industries: Financial Services --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Investment --- Long-term Capital Movements --- Financial Institutions and Services: General --- Financial Crises --- International economics --- Economic & financial crises & disasters --- Currency --- Financial services law & regulation --- Capital account liberalization --- Financial sector --- Economic sectors --- Financial services industry --- South Africa