In the 1990s, international financial organisations (IMF, OCDE, World Bank) pushed emerging economies to open their CA at a rapid pace. This paper argues why this policy may lead to increased instability, if a set of basic micro and macroeconomics criteria are not fulfilled. It defends the principle of sequencing the removal of various capital controls.
DAIANU, D. and VRANCEANU, R. (2002). Opening the Capital Account of Transition Economies: How Much, How Fast?