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"Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the

Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account openi

This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average,

The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rul

An analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.