Liberalisasi Capital Account: Studi Terhadap Rezim Nilai Tukar Tetap dan Mengambang  

Oleh:

Pandiangan, Rahma Dewi

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI
Dalam koleksi: Mini Economica Media Komunikasi Ilmu Ekonomi no. 43 (2014), page 138-160.
Topik: Liberalisasi Capital Account: Studi Terhadap Rezim Nilai Tukar Tetap dan Mengambang

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: MM89 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper examines the consequences of capital market liberalization, with special reference to its effect under different exchange rate regimes. Despite an abundance of literatures or empirical studies, there is strikingly little convincing documenttation of direct positive impact of financial opening on the economic welfarelevels or growth rates of developing countries. There is also little systematic evidance that financial opening raises welfare indirectly by promoting collateral reforms of economic institutions or policies. At the same time, opening the financial account does appear to raises the frequency and severity of economic crises. Nonetheless, developing countries continue to move in the direction of further financial opennes. Specially, this paper differ the effect of capital ccount liberalization on countries applying fixed exchange rate system and floating exchange rate system. It founds that fixed exchange rate system without any capital controls brings the country a more significant risks of financial crises. Out of that it suggests that a country liberalizing its capital account should better choose flexibel regime with lower rate of risk.

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