摘要：Cross-border capital flows, which have surged over the past two decades, have
been associated with some benefits but have also played a role in some financial
crises. The authors note that many developing economies have followed advanced
economies in taking steps to liberalize their capital accounts--a development
that has accounted for much of the increase in capital flows. The authors
conclude that capital account liberalization is not an unqualified blessing and
poses risks if implemented in unfavorable circumstances, particularly without
supporting policies.
