This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average,

Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account openi

Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.

This paper examines issues in sequencing and pacing capital account liberalization and draws lessons from experience in four countries (Chile, Indonesia, Korea,