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Capital account liberalisation in developing countries implications for South Africa
The purpose of this dissertation is to access the desirability of controls on capital movements in South Africa. In line with the general international tendencies towards liberalisation, in recent years there has been increased pressure to lift exchange controls. Despite these pressures, some econom...
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| Format: | Thesis |
| Language: | English |
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School of Economics
2014
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| _version_ | 1867613295355101184 |
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| access_status_str | Open Access |
| author | Feketha, Templeton Zolile |
| author2 | Kahn, Brian |
| author_browse | Feketha, Templeton Zolile Kahn, Brian |
| author_facet | Kahn, Brian Feketha, Templeton Zolile |
| author_sort | Feketha, Templeton Zolile |
| collection | Thesis |
| description | The purpose of this dissertation is to access the desirability of controls on capital movements in South Africa. In line with the general international tendencies towards liberalisation, in recent years there has been increased pressure to lift exchange controls. Despite these pressures, some economists believe there is a need for the maintenance of controls. These arguments are based on issues relating to the inherent desirability of controls as well as the appropriate preconditions for liberalisation. The paper investigates the preconditions for capital account liberalisation, drawing on international experience, and considers whether or not they have been fulfilled in South Africa. In addition, the proper sequencing of capital opening itself is examined. A literature survey is the main research method used, utilising the literature on financial reforms of some less developed countries. The countries of the Southern Cone of Latin America (Argentina, Chile and Uruguay) are used to illustrate examples of failed experiences. In the light of the lessons learned from the above, the major results are that (1) South Africa's capital controls should be abolished, although gradually; (2) macroeconomic stability is the key to successful liberalisation; and (3) a fairly liberal domestic financial system is a prerequisite for external liberalisation. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/7838 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:33:51.607Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2014 |
| publishDateRange | 2014 |
| publishDateSort | 2014 |
| publisher | School of Economics |
| publisherStr | School of Economics |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/7838 Capital account liberalisation in developing countries implications for South Africa Feketha, Templeton Zolile Kahn, Brian Economics The purpose of this dissertation is to access the desirability of controls on capital movements in South Africa. In line with the general international tendencies towards liberalisation, in recent years there has been increased pressure to lift exchange controls. Despite these pressures, some economists believe there is a need for the maintenance of controls. These arguments are based on issues relating to the inherent desirability of controls as well as the appropriate preconditions for liberalisation. The paper investigates the preconditions for capital account liberalisation, drawing on international experience, and considers whether or not they have been fulfilled in South Africa. In addition, the proper sequencing of capital opening itself is examined. A literature survey is the main research method used, utilising the literature on financial reforms of some less developed countries. The countries of the Southern Cone of Latin America (Argentina, Chile and Uruguay) are used to illustrate examples of failed experiences. In the light of the lessons learned from the above, the major results are that (1) South Africa's capital controls should be abolished, although gradually; (2) macroeconomic stability is the key to successful liberalisation; and (3) a fairly liberal domestic financial system is a prerequisite for external liberalisation. 2014-10-01T07:56:43Z 2014-10-01T07:56:43Z 1994 Master Thesis Masters MA http://hdl.handle.net/11427/7838 eng application/pdf School of Economics Faculty of Commerce University of Cape Town |
| spellingShingle | Economics Feketha, Templeton Zolile Capital account liberalisation in developing countries implications for South Africa |
| thesis_degree_str | Master's |
| title | Capital account liberalisation in developing countries implications for South Africa |
| title_full | Capital account liberalisation in developing countries implications for South Africa |
| title_fullStr | Capital account liberalisation in developing countries implications for South Africa |
| title_full_unstemmed | Capital account liberalisation in developing countries implications for South Africa |
| title_short | Capital account liberalisation in developing countries implications for South Africa |
| title_sort | capital account liberalisation in developing countries implications for south africa |
| topic | Economics |
| url | http://hdl.handle.net/11427/7838 |
| work_keys_str_mv | AT fekethatempletonzolile capitalaccountliberalisationindevelopingcountriesimplicationsforsouthafrica |