This paper reports research on the impact of controls on capital movements on the private capital accounts of countries’ balance of payments using data drawn from 52 countries for the period 1985-92. The results indicate that: (1) capital controls operated by developing countries have not been...

In this paper a general equilibrium intertemporal model with optimizing consumers and producers is developed to analyze how the imposition of a temporary import tariff affects the path of real exchange rates and the current account. The model is completely real, and considers a small open...

This paper discusses recent empirical research on the interplay between fiscal policies and external imbalances in the G3 countries, focusing on the stock-flow dynamics of public and foreign deficits and debt accumulation

This paper examines the linkages between key macroeconomic statistics: external debt, balance of payments, government finance, and monetary statistics, which enable analysts and policy makers to monitor economic developments. The paper reviews statistical compilation issues and concludes that,...

This paper describes developments in the balance of payments of Pakistan during 1972-86, focusing particularly on the factors that gave rise to external payments problems and the macroeconomics policies that were adopted by the authorities. While performance on the growth and inflation fronts...

This paper examines the extent of international financial integration, and its consequences for the current account. The evidence indicates that financial liberalization in the 1970s and 1980s has resulted in a substantial movement towards closer integration of world capital markets. By reducing...

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

In 1980 Turkey embarked on a far-reaching stabilization and liberalization program, which contributed to export-led growth and a significant movement toward both domestic and external equilibrium. Later, as fiscal policy was partly reoriented from a restrictive to an expansionary stance while...

The separate identification of current and capital transfers was introduced for the first time in the fifth edition of the Fund’s Balance of Payments Manual (Manual), thus harmonizing with the treatment of transfers in the 1993 System of National Accounts (1993 SNA). Capital transfers are now...

This paper notes that, for the first time, the concept and treatment of reinvested earnings in the Fund’s Balance of Payments Manual and the 1993 System of National Accounts are fully harmonized. The paper presents the conceptual basis for the measurement of reinvested earnings and...