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An Analysis of the Process of Capital Liberalization in Italy
Mr.Leonardo BartoliniMr.Gordon M. Bodnar
出版International Monetary Fund, 1992-04
主題Business & Economics / Exports & ImportsBusiness & Economics / Foreign Exchange
ISBN14518444339781451844436
URLhttp://books.google.com.hk/books?id=2du3AAAAIAAJ&hl=&source=gbs_api
註釋Beginning in 1985 Italy embarked on a path of progressive removal of its system of controls on portfolio investment, a process formally completed with the abolition of all remaining restrictions in 1990. In this paper we review this policy of capital liberalization and integrate the analysis with an examination of the process of stabilization of the lira exchange rate in the 1980s. Various indicators of capital controls’ effectiveness and target zone credibility are used to identify the temporal relations among capital liberalization, exchange rate stabilization and capital flows.