ARHIVELE OLTENIEI - Universitatea din Craiova

The liberalization capital account and its implications 351in the country as 16% of GDP (Grow Domestic Product) witch led to a newcurrency crisis and to a period of recession.In the other new OCDE member countries, Hungary and Poland, a seriesof restrictions have been maintained on short term. Thus, in Hungary theyproceeded to a rigorous program of liberalization in 1996 that ended in themiddle of 1998; this program has been adjusted and completed by measures ofmacro-economical adjustment including the growth of budgetary constraints offirms, the acceleration of the private domain, and the introduction of a band ofvariation of the exchange course. The first stage of liberalization included thedirect foreign investments, the selling and buying of the non-residents of titles ofmaturity older than a year, the financial credits of non-residents and the personalmovements of capital. The second stage raised the restrictions over the buyingby residents of titles issued in OCDE countries and over the local issue of titlesfrom the OCDE countries with a maturity over a yearlong. The foreignimobiliary buying has been permitted in the third stage and they forbid theexternal transactions in national currency and the transactions in currency amongresidents. Also, in Poland, the external financial credits remained restrained,towards non-banking entities with maturity younger than one year ago.The briefing of the experience regarding the liberalization of capitalaccount suggest that where the liberalization has been very rapid, the financialcrisis came shortly after , while a more gradual approach was more successful.3. The liberalization of capital account in RomaniaStarting from the experience of other countries in the process ofliberalization in Romania, too, this process started in 1991, with the Law ofForeign Investment, but we can speak about a staging of it only in 1998, at thesame time with the assuming by Romania of the obligations held by Article VIIIfrom the State of Monetary Capital, correlated with the adherence to EU.The stages of liberalization of capital in RomaniaThe stage of liberalization Year Operation representing fluxes of capitalThe liberalization of direct andreal-estate investments ofresidents abroad and of personalcapital flows and other capitalflows.Stage I.2001 -direct investments of residents abroad- real-estate investments of residents abroad- the admission of national mobiliary valueson the foreign capital market- guarantees granted by non-residents toresidents- presents dowry, inheritance and legacy.- other transfer representing other capitalflows.