Capital Account Controls and Liberalization: Lessons for India and China

  • Jonathan Anderson
Part of the Procyclicality of Financial Systems in Asia book series (IMF)


The extensive literature on capital controls and capital account liberalization in emerging market economies generally identifies two types of capital controls: first, targeted measures aimed at slowing the pace of short-term portfolio inflows and outflows; and second, pervasive restrictions on a broader range of external capital transactions.2


Gross Domestic Product Capital Flow Exchange Rate Regime Capital Account Capital Control 
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  1. Ariyoshi, Akira, Karl Habermeier, Bernard Laurens, Inci ötker-Robe, Jorge Ivan Canales-Kriljenko, and Andrei Kirilenko, 2000, Capital Controls: Country Experiences with Their Use and Liberalization, IMF Occasional Paper No. 190 (Washington, DC: International Monetary Fund).CrossRefGoogle Scholar
  2. CEIC Economic Database, CEIC Data Company Ltd. (Hong Kong).Google Scholar
  3. De Gregorio, José, Sebastian Edwards, and Rodrigo O. Valdés, 2000, “Controls on Capital Inflows: Do They Work?,” NBER Working Paper No. 7645 (Cambridge, MA: National Bureau of Economic Research).CrossRefGoogle Scholar
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  5. Eichengreen, Barry, and Michael Mussa, 1998, Capital Account Liberalization: Theoretical and Practical Aspects, IMF Occasional Paper No. 172 (Washington, DC: International Monetary Fund).Google Scholar
  6. Union Bank of Switzerland (UBS), Zurich.Google Scholar

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© International Monetary Fund 2005

Authors and Affiliations

  • Jonathan Anderson

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