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This paper analyzes issues for developing countries considering a move to capital account convertibility. It reviews the relevant literature, including arguments for sequencing, and analyses in a series of charts various features of the foreign exchange market impact of removing controls, as against the alternative of foreign exchange intervention. Finally, it examines recent experiences of capital account liberalization by developing countries in the context of multi-pronged stabilization programs.

Balance of payments --- Capital controls --- Capital inflows --- Capital movements --- Currency --- Exchange rate arrangements --- Exchange rates --- Exchange restrictions --- Exports and Imports --- Foreign Exchange --- Foreign exchange --- International economics --- International Investment --- Long-term Capital Movements --- Indonesia

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The Annual Report on Exchange Arrangements and Exchange Restrictions has been published by the IMF since 1950. It draws on information available to the IMF from a number of sources, including that provided in the course of official staff visits to member countries, and has been prepared in close consultation with national authorities.

Foreign Exchange --- Law --- Currencies --- Currency --- Exchange rate arrangements --- Exchange rates --- Exchange restrictions --- Foreign exchange --- Government and the Monetary System --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- Payment Systems --- Regimes --- Standards --- Ukraine

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Este documento sobre la evolución y las políticas se ecnómicas se preparó en el contexto de una reunión informal para el Directorio Ejecutivo dedicada a la Argentina de acuerdo a los procedimientos aplicados a los países miembros con demoras excesivas en las consultas del Artículo IV. Conforme a estos procedimientos, el personal técnico del FMI prepara una evaluación de la economía y las políticas del país miembro basándose en información que se encuentra a disposición del público general y sin consultar al país miembro. Ese documento, que representa las opiniones del personal técnico del FMI, tiene por finalidad mantener informado al Directorio de la evolución de la situación en el país miembro. Dada la ausencia de un conjunto más completo de datos y de un diálogo más exhaustivo con las autoridades sobre las políticas, dicho documento no debe considerarse como un informe del personal técnico sobre el Artículo IV ni debe presentarse como una expresión de las opiniones del Directorio Ejecutivo. Del mismo modo, la reunión informal del Directorio Ejecutivo no constituye una consulta del Artículo IV con el país miembro. Este documento está basado en la información disponible al momento de su finalización, el 29 de abril de 2015.

Currencies --- Currency --- Deflation --- Exchange rates --- Exchange restrictions --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- Inflation --- Macroeconomics --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- Payment Systems --- Price Level --- Prices --- Regimes --- Standards --- Argentina

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The paper summarizes how Japan’s foreign exchange and trade control system operated in the early 1950s, how and how effectively it was used as a tool of external adjustment, and how it was liberalized from the late 1950s into the early 1960s. Although the Japanese government was extensively involved in allocating scarce foreign exchange in the early 1950s, the control system became increasingly flexible over this period. A preliminary analysis based on the behavior of wholesale prices seems to indicate that, along with its liberalization, the restrictive system became less effective as a tool of external adjustment, while the impact of deflationary macroeconomic measures became more dominant.

Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- International Monetary Arrangements and Institutions --- Trade Policy --- International Trade Organizations --- Economic History: Government, War, Law, and Regulation: Asia including Middle East --- Trade: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Currency --- Foreign exchange --- International economics --- Monetary economics --- Imports --- Exchange restrictions --- Exports --- Currencies --- International trade --- Money --- Japan

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This paper studies determinants and effects of capital controls using a panel of 61 developed and developing countries. The results suggest that capital account restrictions are more likely to be in place in countries with low income, a large share of government, and where the central bank is not independent. Other determinants of controls include the exchange rate regime, current account imbalances and the degree of openness of the economy. We also find that capital controls and other foreign exchange restrictions are associated with higher inflation and lower real interest rates. We do not find any robust correlation between our measures of controls and the rate of growth, although there is evidence that countries with large black market premia grow more slowly.

Banks and Banking --- Exports and Imports --- Foreign Exchange --- Inflation --- Current Account Adjustment --- Short-term Capital Movements --- International Investment --- Long-term Capital Movements --- Interest Rates: Determination, Term Structure, and Effects --- Price Level --- Deflation --- International economics --- Finance --- Macroeconomics --- Currency --- Foreign exchange --- Capital controls --- Real interest rates --- Exchange restrictions --- Current account --- Balance of payments --- Financial services --- Prices --- Capital movements --- Interest rates --- Italy