01680cas a2200241 a 4500 AALejournalIMF000312 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451922158 1018-5941 BD-DhAAL BD-DhAAL Heller, Peter. Fiscal Policy Management in an Open Capital Regime / Peter Heller. Washington, D.C. : International Monetary Fund, 1997. 1 online resource (35 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper argues that as countries open their capital regimes, the appropriate fiscal stance should become more conservative than when capital is immobile. Further fiscal adjustment may be necessary in the face of large and volatile capital flows. However, the required changes would be smaller. If a fiscal response is unavoidable, some elements of fiscal policy are easier to manipulate and less distortive than others. Determining the actual stance of fiscal policy is more difficult in an open capital regime, underscoring the need for transparency about fiscal rules. A more open capital environment also constrains the sustainable fiscal structure. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1997/020 Full text available on IMF http://elibrary.imf.org/view/journals/001/1997/020/001.1997.issue-020-en.xml IMF e-Library