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THE WORLD BANK ECONOMIC REVIEW, VOL. 15, NO. 3, 341-365
© 2001 International Bank for Reconstruction and Development / The World Bank

Article

Capital Account Liberalization: What Do Cross-Country Studies Tell Us?

Barry Eichengreen

The University of California, Berkeley

Abstract

Capital account liberalization, it is fair to say, remains one of the most controversial and least understood policies of our day. One reason is that different theoretical perspectives have very different implications for the desirability of liberalizing capital flows. Another is that empirical analysis has failed to yield conclusive results.


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