Capital Controls in Emerging Economies

By Christine Ries Hekman; Richard J. Sweeney | Go to book overview

Acknowledgments

The articles in this volume were solicited from participants in a series of conferences organized to explore the emergence and integration into the global community of countries from Central and Eastern Europe and the former Soviet Union. The core group of scholars that participated in these conferences and in the research and travel that supported our discussions felt especially privileged to have engaged in these studies at the early stages of liberalization. As our project began early and extended over several years, we were able to observe first hand extraordinary developments that have challenged our fundamental assumptions about market economics and greatly enriched our approaches to the study of markets and institutions.

This volume, completed two years after our last conference, contains a summary of those insights. Taken together, the articles contained here challenge us to reach beyond the edges of our disciplinary boundaries. This challenge implies that academic research which is intended to yield relevant and influential results will increasingly be produced by scholars working in teams. Without the inclusion of a range of backgrounds and perspectives, scholarship suffers from a potentially dangerous myopia. Nowhere is this more true than in social and economic situations where institutions are emerging or restructuring and individuals' behaviors are complex. We were fortunate to have a team that represented not only a range of backgrounds and interests, but also a set of enjoyable and open-minded colleagues. Two individuals have our gratitude and admiration for developing that team and for organizing the conferences and research travel.

Professor Thomas D. Willett, Horton Professor of Economics at Claremont Graduate University and Claremont McKenna College, was the "soul" of the project. His energetic and creative recruitment of scholars from many institutions and backgrounds attests to his good judgement and vision. Tom brought us together and plunged us into an exciting arena of social and intellectual change. He organized the travel and conferences in a way that promoted collaboration and intense discussion across a wide range of topics. He hounded us to develop the insights that connected the discussions and to finish the papers. He guided and pleaded as we began to understand the implications of our work for numerous areas of public and corporate policy and to organize the papers into volumes that would make these insights available to others.

-xi-

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Capital Controls in Emerging Economies
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Preface ix
  • Acknowledgments xi
  • Introduction and Overview 1
  • Notes 12
  • 1 - Orthodoxy is Right: Liberalize The Capital Account Last 13
  • Notes 16
  • 2 - Reality and the Logic Of Capital Flow Liberalization 17
  • Introduction 17
  • Notes 29
  • 3 - Preconditions for Liberalization Of Capital Flows: a Review And Interpretation 33
  • Introduction 33
  • Notes 43
  • 4 - The Information Costs Of Capital Controls 45
  • Introduction 45
  • Conclusions 54
  • References 55
  • 5 - Currency Convertibility, Policy Credibility and Capital Flight In Poland and the Czech and Slovak Federal Republic 63
  • Introduction 63
  • Notes 83
  • References 85
  • 6 - Capital Controls and Corporate Investment Behavior 89
  • Introduction 89
  • Notes 108
  • References 108
  • 7 - Capital Account Liberalization and Policy Incentives: an Endogenous Policy View 111
  • Introduction 111
  • Notes 131
  • 8 - A Payments Mechanism For The Independent States Of The Former Soviet Union 137
  • Introduction: Economic Rationale For a Payments Mechanism 137
  • References 157
  • About the Editors and Contributors 159
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