Research Department, Central Bank of Nigeria
Capital account, Capital account liberalization
Developing countries as well as other member countries of the IMF have been encouraged to open up to foreign capital flows through the liberalization of their capital account transactions. Capital account liberalization is embedded in international standards and codes as best practice necessary for developing countries engaging in inter-governmental and non-governmental international relations. It also represents the systemic removal of administrative and legal controls on international capital transactions.
Mailafia, O. (2004). Capital account liberalization: reflections on theory and policy, Economic and Financial Review, 44(4), 11-29.