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Capital account convertibility 1 has now been adopted by all industrial countries other than Iceland. Convertibility came to this group of countries significantly after the 1973 generalized shift to floating exchange rate regimes: e.g., Germany, Switzerland, and the United Kingdom in the late 1970s, Australia and New Zealand in the early 1980s, and most European industrial countries in the late 1980s. In contrast, relatively few developing countries had liberalized capital controls by the late 1980s; about one in four had free or virtually free systems, and

International Monetary Fund

face value of a forward contract is US$5 million, according to private sector sources. 3 3. The maturity breakdown of forward contracts in the onshore market is similar to that observed in Australia and New Zealand . In Chile, 21 percent of contracts are conducted for maturities of one week and less, 78 percent for maturities between seven days and one year, and 1 percent for maturities of one year and above. The corresponding figures for Australia are 61 percent, 31 percent, and 8 percent, and for New Zealand, 41 percent, 58 percent, and 1 percent ( Table 1

Mr. Thomas Philippon, Mr. Jeromin Zettelmeyer, and Mr. Eduardo Borensztein
This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest rates and exchange rates across several emerging market economies with different exchange rate regimes. Consistent with conventional priors, the results indicate that interest rates in Hong Kong react much more to U.S. interest rate shocks and shocks to international risk premia than interest rates in Singapore. The results are less clearcut in the comparison of Argentina and Mexico: While interest rates (and the exchange rate) in Mexico seem to react less to U.S. interest rate shocks, they react about the same to bond spread shocks, in addition to a significant impact on the exchange rate.