Capital Folws, Capital Account Liberalisation and the Southern Mediterranean Countries

BNL Quarterly Review, voI. LX, no. 241, June 2007, pp. 137-65.

29 Pages Posted: 24 May 2012

See all articles by Heather D. Gibson

Heather D. Gibson

Bank of Greece; Athens University of Economics and Business

Thomas Vlassopoulos

European Central Bank (ECB)

Date Written: June 15, 2007

Abstract

This paper examines questions related to possible capital account liberalisation in the Mediterranean countries. First, we provide an overview of the extent to which these countries have capital controls along with their exchange rate regimes and some basic macroeconomic aggregates. Second, we examine the case for capital account liberalisation, along with the prerequisites for successful liberalisation. Here we consider issues such as sequencing and possible benefits of synchronisation. Finally, we examine the experience with capital flows – both FDI and other capital flows. We explain these flows and use the past experience of these countries to draw some conclusions for the successful opening up of the capital account.

Keywords: capital account liberalisation, Mediterranean countries, capital flows

JEL Classification: F21, F32, F36

Suggested Citation

Gibson, Heather D. and Vlassopoulos, Thomas, Capital Folws, Capital Account Liberalisation and the Southern Mediterranean Countries (June 15, 2007). BNL Quarterly Review, voI. LX, no. 241, June 2007, pp. 137-65., Available at SSRN: https://ssrn.com/abstract=2065306

Heather D. Gibson (Contact Author)

Bank of Greece ( email )

21 E. Venizelos Avenue
GR-10250 Athens
Greece
+301 32 35 803 (Phone)
+301 32 33 025 (Fax)

Athens University of Economics and Business

76 Patission Street
Athens, 104 34
Greece

Thomas Vlassopoulos

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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