Abstract

The Developing EconomiesVolume 32, Issue 1 p. 13-36 Free Access “TRUE FINANCIAL OPENING UP”: THE ANALYSIS OF CAPITAL ACCOUNT LIBERALIZATION IN A GENERAL EQUILIBRIUM FRAMEWORK Friedrich L. SELL, Friedrich L. SELLSearch for more papers by this author Friedrich L. SELL, Friedrich L. SELLSearch for more papers by this author First published: March 1994 https://doi.org/10.1111/j.1746-1049.1994.tb00039.x The author is indebted to M. Diehl and J. Stiefl for helpful suggestions, to S. Trommershäuser for designing the graphs, and to S. Wohlgemuth for typing several versions of the manuscript. AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat References 1 Bhagwati, J. N. Fiscal Policies, the Making of Foreign Trade Declarations, and the Balance of Payments,” in Illegal Transactions in International Trade, Ed. J. N. Bhagwati ( Amsterdam : North-Holland, 1974). 2 Bhandari, J. S. Trade Reform under Partial Currency Convertibility, IMF Staff Papers, Vol. 36, No. 2 (June 1989). 3 Brecher, R. A., and Diaz Alejandro, C. F. Tariffs, Foreign Capital and Immiserizing Growth, Journal of International Economics, Vol. 7, No. 4 (November 1977). 4 Bruno, M. Real versus Financial Openness under Alternative Exchange Rate Regimes,” in Financial Policies and the World Capital Market: The Problem of Latin American Countries, Ed. P. A. Annella, R. Dornbusch, and M. Obstfeld ( Chicago : University of Chicago Press, 1983). 5 Buffie, E. Quantitative Restrictions and the Welfare Effects of Capital Inflows, Journal of International Economics, Vol. 19, No. 3/4 (November 1985). 6 Corsepius, U.; Nunnenkamp, P.; and Schweickert, R. Debt versus Equity Finance in Developing Countries: An Empirical Analysis of the Agent-Principal Model of International Capital Transfers, Kieler Studien No. 239 ( Tübingen : J.C.B. Mohr, 1989). 7 Dornbusch, R. Tariffs and Nontraded Goods, Journal of International Economics, Vol. 4, No. 2 (May 1974). 8 Dornbusch, R. External Debt, Budget Deficits and Disequilibrium Exchange Rates,” mimeographed ( Washington , D.C. , 1984). 9 Dornbusch, R. Policies to Move from Stabilization to Growth,” CEPR Discussion Paper No. 456 ( Stanford : Center for Economic Policy Research, 1990). 10 Edwards, S. The Order of Liberalization of the External Sector in Developing Countries,” Essays in International Finance No. 156 ( Princeton : Department of Economics, Princeton University, 1984). 11 Edwards, S. The Order of Liberalization of the Current and Capital Accounts of the Balance of Payments,” in Economic Liberalization in Developing Countries, Ed. A. Choksi and D. Papageorgiou ( New York : Basil Blackwell, 1986). 12 Edwards, S. On the Sequencing of Structural Reforms,” Working Papers No. 70 ( Paris : Department of Economics and Statistics, OECD, 1989). 13 Edwards, S. Tariffs, Capital Controls, and Equilibrium Real Exchange Rates, Canadian Journal of Economics, Vol. 22, No. 1 (February 1989). 14 Edwards, S., and Edwards, A. C. Monetarism and Liberalization: The Chilean Experiment ( Cambridge : Ballinger Publishing Co., 1987). 15 Edwards, S., and Khan, M. S. Interest Rate Determination in Developing Countries, IMF Staff Papers, No. 32, No. 3 (September 1985). 16 Edwards, S., and van Wijnbergen, S. The Welfare Effects of Trade and Capital Market Liberalization, International Economic Review, Vol. 27, No. 1 (February 1986). 17 Ethier, W. J. Nontraded Goods and the Heckscher-Ohlin Model, International Economic Review, Vol. 13, No. 1 (February 1972). 18 Gordon, D. B., and Levine, R. The ‘Problem’ of Capital Flight: A Cautionary Note, World Economy, Vol. 12, No. 2 (June 1989). 19 Harberger, A. C. The Chilean Economy in the 1970s: Crisis, Stabilization, Liberalization, Reform,” in Economic Policy in a World of Change, Ed. K. Brunner and A. H. Meltzer ( Amsterdam : North-Holland, 1982). 20 Harberger, A. C. Lessons for Debtor Country Managers and Policy Workers,” Paper presented at a World Bank conference, Washington , D. C. , 1984. 21 Hofman, B., and Reisen, H. Debt Overhang, Liquidity Constraints, and Adjustment Incentives,” Technical Papers No. 9 ( Paris : Development Centre, OECD, 1989). 22 Hoon Hian-Tech Foreign Labor Importation in a Small, Open Economy with a Non-Traded Good Sector: A Geometrical Note, Asian Economic Review, Vol. 28, No. 2 (August 1986). 23 Johnson, H. G. The Possibility of Income Losses from Increased Efficiency or Factor Accumulation in the Presence of Tariffs, Economic Journal, Vol. 77 (March 1967). 24 Khan, M. S., and Zahler, R. Trade and Financial Liberalization Given External Shocks and Inconsistent Domestic Policies, IMF Staff Papers, Vol. 32, No. 1 (March 1985). 25 Lal, D. The Real Exchange Rate, Capital Inflows and Inflation: Sri Lanka 1970–1982, Weltwirtschaftliches Archiv, Vol. 121, No. 4 (1985). 26 Lal, D. The Political Economy of Economic Liberalization, World Bank Economic Review, Vol. 1, No. 2 (January 1987). 27 McKinnon, R. I. International Transfers and Non-Traded Commodities: The Adjustment Problem,” in The International Monetary System and the Developing Nations, Ed. D. M. Leipziger ( Washington , D.C. : U.S. Agency for International Development, 1976). 28 Melvin, J. R. Production and Trade with Two Factors and Three Goods, American Economic Review, Vol. 58, No. 5 (December 1968). 29 Michaely, M.; Papageorgiou, D.; and Choksi, A. M. Trade Liberalization—The Experience of Developing Countries,” Paper presented at the conference, Attempts at Liberalization: Hungarian Economic Policy and International Experience, Budapest , Hungary , November 1618, 1989. 30 Nowak, F. Auswirkungen der Auβenhandels- und Kapitalverkehrsliberalisierung auf den realen Wechselkurs und die Produktion von Gütern,” mimeographed ( Göttingen , 1989). 31 Pinto, B. Unification of Official and Black Market Exchange Rates in Sub-Saharan Africa: Monetarism in the Tropics?” mimeographed ( Washington , D.C. , 1990). 32 Rojas-Suárez, L. Risk and Capital Flight in Developing Countries,” IMF Working Paper 90/64 ( Washington , D.C. , 1990). 33 Sell, F. L. ‘The Dutch Disease’: Anpassungsprozesse als Folge eines Ressourcenbooms, Das Wirtschaftsstudium, Vol. 17, No. 5 (May 1988). 34 Sell, F. L. ‘True Exposure’: The Analysis of Trade Liberalization in a General Equilibrium Framework, Weltwirtschaftliches Archiv, Vol. 124, No. 4 (1988). 35 Smeets, H.-D. The ‘True Protection’ Concept—A Comment on Greenaway and Milner, Journal of Development Studies, Vol. 25, No. 3 (April 1989). 36 Wong, D. Y. What Do Saving-Investment Relationships Tell Us about Capital Mobility Journal of International Money and Finance, Vol. 9, No. 1 (March 1990). Volume32, Issue1March 1994Pages 13-36 ReferencesRelatedInformation

Full Text
Published version (Free)

Talk to us

Join us for a 30 min session where you can share your feedback and ask us any queries you have

Schedule a call