Hedge funds are collective investment vehicles, often organized as private partnerships and resident offshore for tax and regulatory purposes. Their legal status places few restrictions on their portfolios and transactions, leaving their managers free to use short sales, derivative securities,...

This study explores the industrial and developing countries' use of capital controls since World War II, including their rationales for using them, and describes their experiences with relaxing controls as part of broader liberalization and structural reform efforts. The papers also outlines the...