Managing the capital account

Globalization has been under attack over the last few years. Activists, famous academics, and commentators of various stripes have mounted a systematic campaign against free trade in goods and, especially, in financial claims. One of the latest manifestations of this antiliberalization mood was the...

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Autor principal:	Edwards, Sebastián, 1953-
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	MOVIMIENTOS DE CAPITAL LIBRE COMERCIO DISTRIBUCIÓN DE RENTAS
Acceso en línea:	https://hdl.handle.net/20.500.12580/3713
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spelling	oai-20.500.12580-37132021-04-24T10:31:38Z Managing the capital account Edwards, Sebastián, 1953- MOVIMIENTOS DE CAPITAL LIBRE COMERCIO DISTRIBUCIÓN DE RENTAS Globalization has been under attack over the last few years. Activists, famous academics, and commentators of various stripes have mounted a systematic campaign against free trade in goods and, especially, in financial claims. One of the latest manifestations of this antiliberalization mood was the failure of the World Trade Organization (WTO) Cancún meeting in September 2003. The antiglobalization lobby has focused on a number of issues, including the effects of freer trade on income distribution and social conditions and the alleged negative effects of capital mobility on macroeconomic stability. For example, in his critique of the U.S. Treasury and the International Monetary Fund (IMF), Stiglitz (2002) argues that pressuring emerging and transition countries to relax controls on capital mobility in the 1990s was highly irresponsible. Stiglitz goes so far as to argue that the easing of controls on capital mobility was at the center of most (if not all) of the recent currency crises in emerging markets—Mexico 1994, East Asia 1997, Russia 1998, Brazil 1999, Turkey 2000, and Argentina 2001. These days, even the IMF seems to criticize free capital mobility and to support capital controls (at least to some degree). Indeed, in a visit to Malaysia in September 2003 Horst Koehler, then the Fund’s Managing Director, praised the policies of Prime Minister Mahathir Mohamad, in particular the country’s use of capital controls in the aftermath of the 1997 currency crises. 2019-11-01T00:03:16Z 2019-11-01T00:03:16Z 2006 Artículo 956-7421-23-4 https://hdl.handle.net/20.500.12580/3713 eng Series on Central Banking, Analysis, and Economic Policies, no. 10 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 289-326 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	MOVIMIENTOS DE CAPITAL LIBRE COMERCIO DISTRIBUCIÓN DE RENTAS
spellingShingle	MOVIMIENTOS DE CAPITAL LIBRE COMERCIO DISTRIBUCIÓN DE RENTAS Edwards, Sebastián, 1953- Managing the capital account
description	Globalization has been under attack over the last few years. Activists, famous academics, and commentators of various stripes have mounted a systematic campaign against free trade in goods and, especially, in financial claims. One of the latest manifestations of this antiliberalization mood was the failure of the World Trade Organization (WTO) Cancún meeting in September 2003. The antiglobalization lobby has focused on a number of issues, including the effects of freer trade on income distribution and social conditions and the alleged negative effects of capital mobility on macroeconomic stability. For example, in his critique of the U.S. Treasury and the International Monetary Fund (IMF), Stiglitz (2002) argues that pressuring emerging and transition countries to relax controls on capital mobility in the 1990s was highly irresponsible. Stiglitz goes so far as to argue that the easing of controls on capital mobility was at the center of most (if not all) of the recent currency crises in emerging markets—Mexico 1994, East Asia 1997, Russia 1998, Brazil 1999, Turkey 2000, and Argentina 2001. These days, even the IMF seems to criticize free capital mobility and to support capital controls (at least to some degree). Indeed, in a visit to Malaysia in September 2003 Horst Koehler, then the Fund’s Managing Director, praised the policies of Prime Minister Mahathir Mohamad, in particular the country’s use of capital controls in the aftermath of the 1997 currency crises.
format	Artículo
author	Edwards, Sebastián, 1953-
author_facet	Edwards, Sebastián, 1953-
author_sort	Edwards, Sebastián, 1953-
title	Managing the capital account
title_short	Managing the capital account
title_full	Managing the capital account
title_fullStr	Managing the capital account
title_full_unstemmed	Managing the capital account
title_sort	managing the capital account
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3713
work_keys_str_mv	AT edwardssebastian1953 managingthecapitalaccount
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Managing the capital account

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