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Explains the content and structure of the OECD Codes of Liberalisation of Capital Movements and Current Invisible Operations and the way they are implemented to achieve progressive liberalisation.
Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be limited through a combination of sound macroeconomic and prudential policies.
Multinational Enterprises and the Law presents the only comprehensive, contemporary, and interdisciplinary account of the various techniques used to regulate multinational enterprises (MNEs) at the national, regional and multilateral levels. In addition it considers the effects of corporate self-regulation upon the development of the legal order in this area. Split into four parts the book firstly deals with the conceptual basis for MNE regulation, explaining the growth of MNEs, their business and legal forms, the relationship between them and the effects of a globalising economy and society upon the evolution of regulatory agendas in the field. Part II covers the main areas of economic regulation including the limits of national and regional jurisdiction over MNE activities, controls and liberalization of entry and establishment; tax and company, and competition law. Part III introduces the social dimension of MNE regulation covering labour rights, human rights, and environmental issues, and Part IV deals with the contribution of international law and organizations to MNE regulation and to the control of investment risks, covering the main provisions found in international investment agreements and their recent interpretation by international tribunals.
The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 - and their high development costs - raise a serious concern about the net benefits for developing countries of large flows of potentially reversible short-term international capital. Written by senior policy-makers and academics, the contributions to this volume examine in depth the macroeconomic and other policy dilemmas confronting public authorities in the emerging economies as they deal with short-term capital movements, especially in the period before the outbreak of these crises. The studies are based on comparative case studies of key emerging economies. Valuable insights are also derived from contrasts between the East Asian, Latin American, African, and European experiences, between the financial and real effects of financial flows, and between private and public responsibilities in managing financial markets. The great value of the chapters in this volume is that they analytically identify the weaknesses in both domestic and international capital market regimes. The recommendations derived from this analysis apply to the development of financial markets in developing countries, the monitoring and regulation of mutual funds in source countries, and the future development of international capital markets. They will make an important contribution both to the discussion of national policies and of a new international financial architechture.