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The paper summarizes the main issues arising from experiences of industrial and developing countries with capital account liberalization and it examines the IMF's treatment of capital controls in its surveillance, use of IMF resources, and technical assistance activities. Case studies of recent experiences with capital controls in Chile, Colombia, Malaysia, and Venezuela are presented.
In September 1955 six-year-old Mark O'Brien moved his arms and legs for the last time. He came out of a coma to find himself enclosed from the neck down in an iron lung, the machine in which he would live for much of the rest of his life. For the first time in paperback, How I Became a Human Being is O'Brien's account of his struggles to lead an independent life despite a lifelong disability. In 1955 he contracted polio and became permanently paralyzed from the neck down. O'Brien describes growing up without the use of his limbs, his adolescence struggling with physical rehabilitation and suffering the bureaucracy of hospitals and institutions, and his adult life as an independent student and writer. Despite his physical limitations, O'Brien crafts a narrative that is as rich and vivid as the life he led.
This paper aims to take stock of current knowledge in the area of MPIs - macroprudential indicators. MPIs are defined broadly as indicators of the health and stability of financial systems. The paper also looks at issues related to the use of MPIs in IMF surveillance, and their dissemination either through the IMF Special Data Dissemination Standard (SDDS), or in other ways. In particular, the paper looks at: the MPIs that could be used most effectively by the IMF in its surveillance work; the modalities and options for the compilation of such data; and the possible dissemination of MPIs to the public. Initiatives taken by the IMF includes the issue in 1998 , of an internal guidance note designed to facilitate discussions in the context of article IV of the IMF charter. It suggests specific areas for discussion including: sectoral indicators; macroeconomic factors that impact the financial system; elements for the assessment of the institutional and regulatory frameworks; and the main effects of financial system distress. The paper has benefitted from feedback from a consultative meeting held in 1999 to discuss experiences of member countries and the international community.