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date: 27 January 2020

Abstract and Keywords

This chapter examines capital account liberalization in the Asia Pacific. It discusses arguments for and against openness of the capital account and describes the relevant experience of some countries. It describes the imbalances in the global financial system and discusses various kinds of capital control measures that have been used in recent years. It suggests that a return to financial autarky is not feasible for the region and highlights the importance of domestic financial development for developing economies.

Keywords: capital account liberalization, Asia Pacific, India, Brazil, global financial system, capital control measures, financial autarky, domestic financial development, developing countries

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