Capital Liberalization in Transition Countries

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Capital Liberalization in Transition Countries

Lessons from the Past and for the Future

9781843763451 Edward Elgar Publishing
Edited by Age F.P. Bakker, Executive Director, International Monetary Fund, Washington, DC, US and Professor of Money and Banking, Vrije Universiteit, Amsterdam and Bryan Chapple, Senior Economist, Monetary and Economic Policy Department, De Nederlandsche Bank, Amsterdam, The Netherlands
Publication Date: 2003 ISBN: 978 1 84376 345 1 Extent: 288 pp
This significant new book provides a succinct overview of the essential policy issues surrounding capital liberalization. The book compares the experiences of transition economies in Europe with those of advanced nations, allowing the reader to examine the changing international economic and financial environment within which transition countries have to liberalize.

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This significant new book provides a succinct overview of the essential policy issues surrounding capital liberalization. The book compares the experiences of transition economies in Europe with those of advanced nations, allowing the reader to examine the changing international economic and financial environment within which transition countries have to liberalize.

The book first deals with the critical issues concerning liberalization, including sequencing and financial market development. The authors move on to present an overview of the early liberalization experiences of advanced economies and East-Asian countries. This provides the context for a series of chapters reviewing liberalization progress in transition economies, in which international experts and senior officials analyze their own countries’ experiences. The authors also emphasise the importance of financial market reform and the construction of a sound institutional framework if countries are to attract and productively use capital inflows. A stable financial system, whilst not infallible, is also crucial for minimizing the risk of financial crises of the type experienced by a number of countries during the 1980s and 1990s.

The comprehensive scope of the subject matter and international contributions from a range of different perspectives will ensure this book is warmly received by academics and researchers with an interest in EU accession, transition economics and financial market reform. It will also serve as a useful guide to governments involved in capital liberalization in other parts of the world such as Latin America and Asia.
Critical Acclaim
‘This collection provides an excellent account of the diverging ways countries in varying parts of the world went about liberalizing capital flows. Case studies of transition countries are set against the background of more general studies analysing the Asian and Latin American experience, as well as the earlier liberalization processes in economically advanced countries. The reader gets a lively picture of the many pitfalls that beset the road to full capital liberalization and will realise that there is no single best way to liberalize. The authors strike one as unprejudiced and far from dogmatic, out to learn from experience rather than trying to impose some particular point of view.’
– Hans Visser, VU University, Amsterdam, The Netherlands
Contributors
Contributors: V. Bacalu, A.F.P. Bakker, W. Buiter, B. Chapple, V. Gabrielyan, S. Ingves, A. Khachatryan, R. Nord, Y.C. Park, E. Sadowska-Cieslak, A. Shapovalov, C.-Y. Song, A. Taci, E. Thiel, B. Vujcic
Contents
Contents: Preface 1. Capital Account Liberalization in the Transition Phase: An Overview Part I: Policy Issues and Earlier Experiences 2. Advanced Country Experiences with Capital Account Liberalization 3. Sequencing Capital Account Liberalization and Financial Sector Stability 4. Managing Capital Account Liberalization: Indonesia, Malaysia, Korea and Thailand 5. Recent Codes-Based Liberalization in the OECD 6. Capital Account Liberalization and Financial Sector Development in Transition Countries Part II: Transition Country Experiences 7. Capital Account Liberalization in Ukraine 8. Capital Account Liberalization Experiences in Armenia 9. Capital Flows and Capital Account Liberalization in Croatia 10. The Liberalization of the Capital Account in Hungary: Experiences and Lessons 11. Capital Account Liberalization and Financial Market Reform in the Republic of Moldova 12. Capital Account Liberalization in Poland References Index
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