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This paper analyses issues for developing countries with structurally sound balance of payments that are considering a move to full currency convertibility. The main experiences of industrial countries in their decontrol of international capital transactions are reviewed, with an emphasis on the implications for monetary policy. The paper deals both with stabilization, and the prudential issues, which are especially important in view of the potential for speculative bubbles. Respective roles of the international organizations, IMF, OECD, and the GATT, in assisting the capital liberalization process are discussed.

Balance of payments --- Capital controls --- Capital inflows --- Capital movements --- Credit --- Currencies --- Currency convertibility --- Currency --- Domestic credit --- Exchange rates --- Exports and Imports --- Foreign exchange market --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- International economics --- International Investment --- Long-term Capital Movements --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Money and Monetary Policy --- Money --- Payment Systems --- Regimes --- Standards --- United States

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This paper reviews recent experience with the choice of floating or fixed (“anchor”) exchange regimes in industrial and developing countries. It concludes that desirable differences between the two sets of regimes have narrowed, owing to the useful operational role of exchange rate margins and unavoidable medium-term rate adjustments in the context of fixed regimes. A survey of recent empirical cross-country literature also suggests little unambiguous association of the choice of exchange regime with macroeconomic performance, inflation in particular. Stability of the exchange rate has generally been a by-product of other policy choices. Even announcement effects of the regime on inflation-fighting credibility depend on the country-specific assignments of policy instruments to more than one institution--central bank, government, or regional and multilateral institutions.

Foreign Exchange --- Inflation --- Monetary Policy --- Price Level --- Deflation --- Currency --- Foreign exchange --- Macroeconomics --- Exchange rates --- Exchange rate arrangements --- Conventional peg --- Exchange rate adjustments --- Prices --- Argentina

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The paper summarizes the main issues arising from experiences of industrial and developing countries with capital account liberalization and it examines the IMF's treatment of capital controls in its surveillance, use of IMF resources, and technical assistance activities. Case studies of recent experiences with capital controls in Chile, Colombia, Malaysia, and Venezuela are presented.

International finance --- International Monetary Fund --- Capital movements --- -339.72 --- mouvements internationaux des capitaux --- fmi --- AA* / International - Internationaal --- 382.242.0 --- 382.242.4 --- 332.042 --- 330.05 --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt. --- internationaal kapitaalverkeer --- imf --- Balans van het kapitaalverkeer: algemeenheden. --- Eurodollars. Petrodollars. Euro-munten. Euro-uitgiften. --- International Monetary Fund. --- Mezhdunarodnyĭ vali︠u︡tnyĭ fond --- Международный валютный фонд --- Miz︠h︡narodnyĭ vali︠u︡tnyĭ fond --- Fundo Monetário Internacional --- Fondo Monetario Internacional --- IMF (International Monetary Fund) --- FMI (International Monetary Fund) --- Internationaler Währungsfonds --- Kokusai Tsūka Kikin --- Fonds monétaire international --- Kukche Tʻonghwa Kigŭm --- Kansainvälinen Valuuttarahasto --- Kuo chi huo pi chi chin --- Fondul Monetar International --- Ṣundūq al-Naqd al-Dawlī --- Fondo M. Internacional --- IWF (International Monetary Fund) --- Kō̜ngthun Kānngœ̄n rawāng Prathēt --- MVF (International Monetary Fund) --- Międzynarodowy Fundusz Walutowy --- Mulya Aramudala --- I.M.F. (International Monetary Fund) --- Quỹ tiè̂n tệ quó̂c té̂ --- Nemzetközi Valuta Alap --- صندوق النقد الدولي --- 国际货币基金组织 --- 国際通貨基金 --- 國際貨幣基金組織 --- Fundu Monetariu Internacional --- Ṣundūq al-Naqd al-Duwalī --- DNT (Organization) --- Working papers --- 339.72 Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt. --- Internationaal monetair fonds --- International monetary fund --- 339.72 --- Balans van het kapitaalverkeer: algemeenheden --- Eurodollars. Petrodollars. Euro-munten. Euro-uitgiften --- Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt --- IMF. --- Capital movements - Developing countries --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Industries: Financial Services --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Institutions and Services: Government Policy and Regulation --- International economics --- Finance --- Currency --- Monetary economics --- Capital controls --- Capital account --- Capital outflows --- Capital account liberalization --- Investments, Foreign --- Money --- Venezuela, República Bolivariana de

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Foreign trade. International trade --- Commercial policy --- Foreign exchange --- International trade --- 339.54 --- 339.73 --- AA / International- internationaal --- 333.454.0 --- 333.825 --- 382.240 --- 382.30 --- 333.432.8 --- 333.454.1 --- 333.451.0 --- Buitenlandse economische politiek. Buitenlandse handelspolitiek. Instrumentarium van de buitenlandse handel --- Organisatie van internationaal betalingsverkeer. Bretton woods. --- Deviezencontrole: algemeenheden. --- Deviezenpolitiek. Interventies. --- Evolutie van de betalingsbalans: algemeenheden. --- Handels- en wisselpolitiek in hun verband met de buitenlandse handel: algemeenheden. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Techniek, wetgeving en organismen voor de wisselcontrole. BLIW. --- Wisselmarkt: algemeenheden. --- 339.73 Organisatie van internationaal betalingsverkeer. Bretton woods. --- 339.54 Buitenlandse economische politiek. Buitenlandse handelspolitiek. Instrumentarium van de buitenlandse handel --- Organisatie van internationaal betalingsverkeer. Bretton woods --- Deviezencontrole: algemeenheden --- Deviezenpolitiek. Interventies --- Evolutie van de betalingsbalans: algemeenheden --- Handels- en wisselpolitiek in hun verband met de buitenlandse handel: algemeenheden --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Techniek, wetgeving en organismen voor de wisselcontrole. BLIW --- Wisselmarkt: algemeenheden