Capital Flows, Capital Account Liberalisation and the Mediterranean Countries

59 Pages Posted: 14 Jul 2022

See all articles by Heather D. Gibson

Heather D. Gibson

Bank of Greece; Athens University of Economics and Business

Nicholas Tsaveas

Bank of Greece

Thomas Vlassopoulos

European Central Bank (ECB)

Date Written: February 1, 2005

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: F32, F21, F36

Suggested Citation

Gibson, Heather D. and Tsaveas, Nicholas and Vlassopoulos, Thomas, Capital Flows, Capital Account Liberalisation and the Mediterranean Countries (February 1, 2005). Bank of Greece Working Paper No. 33, Available at SSRN: https://ssrn.com/abstract=4162385 or http://dx.doi.org/10.2139/ssrn.4162385

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

Nicholas Tsaveas

Bank of Greece

21 E. Venizelos Avenue
GR 102 50 Athens
Greece

Thomas Vlassopoulos

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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