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This paper analyses the links between capital account liberalisation and other policies influencing financial sector stability. Drawing on country experiences, it develops an operational framework for the co-ordination of capital account liberalisation, particularly with structural policies to strengthen the domestic financial system.
With the rapid integration of international financial markets, it is important that monetary systems operate effectively in order to promote stable exchange rate arrangements. This report forms part of the IMF's multilateral surveillance among its member countries. It updates developments in exchange arrangements and currency convertibility during the years 1998 to 2001, as well as considering the factors affecting foreign exchange market organisation and volatility in developing and transition countries in 2001.
A report from the International Monetary Fund.
Despite increasing exchange rate flexibility, central banks in emerging markets still intervene in their foreign exchange markets for several reasons. In doing so, they face many operational questions, including on the degree of transparency and the choice of markets and counterparties. This paper identifies elements of best practice in official foreign exchange intervention, presents survey evidence on intervention practices in developing countries, and assesses the effectiveness of intervention in Mexico and Turkey.