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International Investment Law for the 21st CenturyEssays in Honour of Christoph Schreuer$
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Christina Binder, Ursula Kriebaum, August Reinisch, and Stephan Wittich

Print publication date: 2009

Print ISBN-13: 9780199571345

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780199571345.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 19 October 2019

BIT BY BIT: THE SILENT LIBERALIZATION OF THE CAPITAL ACCOUNT

BIT BY BIT: THE SILENT LIBERALIZATION OF THE CAPITAL ACCOUNT

Chapter:
(p.497) 26 BIT BY BIT: THE SILENT LIBERALIZATION OF THE CAPITAL ACCOUNT
Source:
International Investment Law for the 21st Century
Author(s):

Michael Waibel

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199571345.003.0026

This chapter explores the relationship between free transfer clauses and exchange restrictions. The transfer of funds provision is a common feature of bilateral investment treaties (BITs). The free transfer provision is particularly important in difficult economic times, when the host country faces complex policy trade-offs. It argues that over the past two decades, the rise of a new generation of BITs has led to a patchwork liberalization of the capital account. This liberalization is slow and gradual, but the general direction is clear: greater openness. Taken together, the universe of existing BITs and free trade agreements (FTAs) substantially limits countries' freedom to impose restrictions on the capital account. This liberalization does not appear to follow general principles other than increased openness. It risks undermining macroeconomic stability and complicating the resolution of future financial crises.

Keywords:   free transfer clauses, bilateral investment treaties, exchange restrictions, transfer of funds provision, BITs, multilateral treaties

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