Who Needs to Open the Capital Account

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Peterson Institute, 2012 - Capital - 132 pages
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Given the recent global economic crisis, Who Needs to Open the Capital Account? considers the impact of capital account liberalization on global economic dynamics. Should capital controls, that limit foreign investment or domestic ownership of foreign assets, be put in place to prevent global imbalances? For investors, determining where to put capital is much like betting. Investors want to place their capital to get high returns, which means betting on emerging Asian countries with high interest rates and undervalued currencies. While poorer countries need more capital to grow, can increased capital inflow become too much of a good thing? A distinguished set of authors examine capital account liberalization and recommend ways to prevent a boom-bust cycle. They advocate reconciling domestic and international financial regulation that deals with boom-bust dynamics in domestic and international credit. The crisis changes the debate on capital account liberalization, and this volume argue
 

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Contents

Introduction
1
Ch 1 Capital Flows to Developing and EmergingMarket Economies during the 200710 Crisis
7
Ch 2 The Case for Prudential Capital Controls
21
Ch 3 Capital Account Liberalization and Growth
43
Ch 4 Specific Component Flows
79
A New International Pact on Capital Flows
109
References
119
Index
127
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About the author (2012)

Olivier Jeanne, PIIE senior fellow, is a professor of economics at the Johns Hopkins University. He previously held various positions in the Research Department of the International Monetary Fund.

Arvind Subramanian is a senior fellow at both PIIE and the Center for Global

Development. He also works as a senior research professor at The Johns Hopkins

University. He frequently publishes in leading magazines and newspapers, including

The Economist, Financial Times, The Washington Post, The New York Times, The Wall Street Journal, Foreign Affairs, and Newsweek. He has been a guest on The Charlie Rose Show.

John Williamson is a senior fellow at PIIE. He is the originator of the Washington Consensus.

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