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 opening has occurred, with the result
that all developed and many emerging-market countries now have
capital accounts that are both de facto and de jure open, while
many developing countries also have de facto openness. This study
examines this in part by considering some of the first lessons from
the current global financial crisis. This crisis may change the
terms of the debate on capital account liberalization in a deeper
and more lasting way than any of the crises of the past two decades
because it may mark a reversal in the secular trend of financial
liberalization at the core of the international financial system.
The current crisis also raises new questions about the appropriate
policy responses to boom-bust dynamics in domestic credit and in
international credit flows. Intellectual consistency is needed
between the domestic and international dimensions of financial
regulation and the policies aimed at dealing with boom-bust
dynamics in domestic and international credit.
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