ARHIVELE OLTENIEI - Universitatea din Craiova

350Gheorghe Pîrvu, Ramona Gruescu- Set the budgetary deficiency and the extra budgetary engagements ofthe state under reasonable limits;- Ensure the satisfactory level of the financial system and implementefficient prudential rules;- Strengthen the competition policy;- Introduce an efficient informational and statistical system.Understanding the advantage of liberalization of capital account, a seriesof countries, especially economically developed countries, has proceeded onliberalizing the capital account starting with the second half of 70’s. In a studyelaborated and presented in 2001 at Annual Meeting of American PoliticalScience Association from San Francisco by Yale University reaches, theyanalyze the determining factors that lead countries to the liberalization of capitalaccount.Thus, they show that countries that practice fixed exchange course areless tempted to liberalize their capital account. The same thing can be discussedabout the countries that are strongly connected to the global economy.In the same study, they demonstrate the fact that the trend ofliberalization of capital account is determined, among their factors, by the levelof democratical structures of the country, by the amount of the public sector inthe economy of that country. Thus, the authors of the study shows that thecounties were the amount of the public sector is raised possess in general areduced trend for the liberalization of capital account.2. Experience in the liberalization of capital accountThe process of like liberalization in OCDE countries started in 1964with the liberalization of fluxes on long term and the entrance of directinvestments; the investments in collective titles have been liberalized only at thebeginning of the ‘90s. The five new members of OCDE were asked to open theircapital account on their adherence. In three of these countries severe financialcrises have been noticed shortly after the opening of the capital account as such:- Mexico adopted the majority of the liberalization in 1989 and 1990 andhas finalized the liberalization until 1994. Untill the end of that year, because ofthe high over exceeding level of the exchange course, massive capital entrancesand in the context of the inconclusiveness, structural and financialmacroeconomical problems, Mexico confronted a severe crisis that led to the fallof the exchange course and the declaration of the incapacity of payment of theexternal debt.- Korea introduced the liberalization of capital account in 1991 and 1992and ended the process in 1997. The financial crisis started a year later as a resultof the poor managed credit risk and due to some aspect of corruption.- The Czech Republic realized in a great amount the liberalization ofcapital account in 1995-1996. As a consequence capital fluxes have penetrated