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O artigo tem por objetivo discutir vantagens e desvantagens de formas diversas de controle de capitais à luz da experiência de cinco países que realizaram programas diferentes de liberalização financeira externa: Chile, China, Índia, Malásia e Tailândia. Essas experiências são avaliadas comparando: 1) as formas de inserção desses países na economia mundial; 2) o momento de implementação dos controles; 3) os objetivos visados e sua relação com outros instrumentos de política econômica. Inicialmente, apresentam-se as linhas gerais da discussão contemporânea sobre o tema, tomando como eixo as posturas do FMI e o posicionamento recente de economistas brasileiros, com o intuito de ressaltar vantagens e desvantagens de possíveis instrumentos de controle, dada a configuração atual das finanças internacionais. A seguir, avaliam-se os casos nacionais. A conclusão principal é que se saíram melhor os Estados que preservaram controles sobre o volume, a composição e o prazo dos fluxos líquidos de financiamento externo, evitando programas extremos de liberalização da conta financeira e complementando os controles externos com controles sobre o volume, a composição e o prazo dos fluxos de financiamento internos.
Abstract
Capital controls and neo- Capital controls and neo-liberal structural re liberal structural re liberal structural reforms: an international compar forms: an international comparison forms: an international comparison The purpose of this article is to discuss the advantages and disadvantages of different forms of capital controls in light of the experiences of five developing countries which implemented different programs of international financial liberalization: Chile, Malaysia, Thailand, China and India. We analyze these experiences comparing: 1) the types of links of these countries to the global economy; 2) the timing of the implementation of such controls; 3) the expected goals and their relation with other economic policy instruments. To achieve that, we first present a brief analysis of the historical context in which the multilateral agenda about liberalization/capital controls developed during the 1990’s, emphasizing IMF’s postures; subsequently we present a survey of recent Brazilian debates, regarding advantages and disadvantages of capital controls; and then we move to the international comparative analysis. The main conclusion is that have done better those States which preserved controls over the volume, composition and maturity of net international financial flows, rejecting radical liberalization programs of the financial account, and complementing cross-border controls with controls over the volume, composition and maturity of local financial flows.
Key words: Capital controls. Development strategies. Liberalization reforms. Comparative analysis
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