This paper employs the intertemporal consumption smoothing approach to the current account to measure the effective degree of Chinas international capital mobility during the period 1958-98. In contrast to all previous known country studies using this framework, the hypothesis that capital has...

From the perspective of the intertemporal balance model, we investigate how capital mobility affects the current account for six developing countries from the mid-1970s to the end of 1999. We find that after 1989, when capital liberalisation became prevalent, the causal relationship from the...

The Feldstein-Horioka thesis was considered one of the greatest puzzles in economics. Proposed to be a measure of international capital mobility, has known a process of immunisation to be conformed to empirical evidence and respect econometric knowledge. We apply to the Portuguese economy the...

This paper examines the problems in establishing currency convertibility- and the optimal timing- in formerly planned economies making the transition to market-oriented systems.

This paper addresses the important question of how far a government will run down its stock of foreign reserves in a defense of a fixed exchange rate. An optimizing model of currency crisis is presented in which the decision of whether or not to borrow in a defense of a peg is explicitly...

This paper reviews and discusses issues involved in assessing the relationship between capital account liberalization and economic performance. First, it discusses the different measures of restrictions used in the literature. Second, it reviews the literature on the relationship between growth...

Testable implications of the basic intertemporal model of current account determination are almost always rejected by the data. We confirm these rejections for a sample of post-war Canadian data, then account for them by calibrating and simulating a small open economy, real business cycle model....

This 2002 Article IV Consultation highlights that after four years of strong growth, economic activity in Cyprus has tailed off since late 2001, affected by the global economic slowdown. The authorities estimate growth for 2002 to have declined to 2.3 percent, with falling tourist arrivals and...