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The IMF and capital account liberalization: a case of failed norm institutionalization

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dc.creatorLeiteritz, Ralf Juanspa
dc.creatorMoschella, Manuelaspa
dc.date.accessioned2020-08-28T15:50:08Z
dc.date.available2020-08-28T15:50:08Z
dc.date.created2010spa
dc.description.abstractWhile virtually all elements of the original agenda of the ‘Washington Consensus’ have become global policy norms over the course of the past twenty years, the case of free capital mobility stands out as an outlier. In his original formulation of the ‘to-do-list’ for economic reformers, John Williamson deliberately did not include capital account liberalization since he felt that no consensus could be reached in the late 1980s regarding its inclusion in the neoliberal reform package for developing countries (Williamson 1990). Yet capital account liberalization did become associated with the original Washington Consensus and even without formal validity reached the stage of norm emergence. A major driving force behind making capital mobility a policy norm was the International Monetary Fund (henceforth, the IMF or the Fund). However, despite strong support among the international financial institutions and the major powers in the global economic system, the unrestricted movement of international capital failed to leave the stage of norm emergence and to become a stabilized norm in the international financial system. In order to account for this outcome, we trace the evolution of the IMF's thinking on capital account liberalization from the early 1990s to the present. Specifically, we review the Fund's initial position on the benefits of liberalization, defined in terms of economic growth and market discipline. In doing so, we argue that the IMF has progressively reinterpreted the norm in terms of its allegedly welfare-enhancing effects, shifting from considering capital account liberalization as one of the essential variables that explain economic growth, to questioning this logic, to then highlight the positive alongside the negative effects of free capital mobility for developing countries.eng
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.1017/CBO9780511762710.009
dc.identifier.issnISBN: 9780511762710
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/28924
dc.language.isoengspa
dc.publisherCambridge University Pressspa
dc.relation.citationEndPage180
dc.relation.citationStartPage163
dc.relation.citationTitleOwning Development: Creating Policy Norms in the IMF and the World Bank
dc.relation.ispartofOwning Development: Creating Policy Norms in the IMF and the World Bank, ISBN: 9780511762710 (2010); pp. 163-180spa
dc.relation.urihttps://www.cambridge.org/core/books/owning-development/imf-and-capital-account-liberalization-a-case-of-failed-norm-institutionalization/89ED0B7B09B4F5F689F29B7EFB19B547spa
dc.rights.accesRightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.accesoRestringido (Acceso a grupos específicos)spa
dc.sourceOwning Development: Creating Policy Norms in the IMF and the World Bankspa
dc.source.instnameinstname:Universidad del Rosario
dc.source.reponamereponame:Repositorio Institucional EdocUR
dc.subject.keywordEconomicsspa
dc.subject.keywordPolitics and international relationsspa
dc.subject.keywordInternational relations and international organisationsspa
dc.subject.keywordEconomic development and growthspa
dc.titleThe IMF and capital account liberalization: a case of failed norm institutionalizationspa
dc.title.TranslatedTitleEl FMI y la liberalización de la cuenta de capital: un caso de institucionalización normativa fallidaspa
dc.typebookParteng
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion
dc.type.spaParte de librospa
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