Capital account liberalization is an essential engine of economic growth
and an important vehicle in helping countries intergate into international
capital markets. However, rapid integration of financial markets in the
ongoing efforts to adapt IMF surveillance to changing global realities
may lead to weakening the resilience of domestic economic and financial
systems, problems with balance of payments and, as a result, to crisis
that might arise from international financial contagion. A better understanding
of international capita
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