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Title:A pragmatic approach to capital account liberalization PDF Logo
Authors:Prasad, Eswar S.
Rajan, Raghuram G.
Issue Date:2008
Series/Report no.:IZA Discussion Papers 3475
Abstract:Cross-country regressions suggest little connection from foreign capital inflows to more rapid economic growth for developing countries and emerging markets. This suggests that the lack of domestic savings is not the primary constraint on growth in these economies, as implicitly assumed in the benchmark neoclassical framework. We explore emerging new theories on both the costs and benefits of capital account liberalization, and suggest how one might adopt a pragmatic approach to the process.
Subjects:Capital account liberalization
capital controls
collateral benefits
thresholds
JEL:F2
Persistent Identifier of the first edition:urn:nbn:de:101:1-2008050216
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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