Liberalizacja przepływów kapitałowych wobec ewolucji międzynarodowego systemu walutowego
The liberalization of capital flows in the presence of the evolution of the international monetary system

Summary/Abstract: The perception of freedom of capital flows in the global economy has changed over years. The imposition of restrictions has been one of the cornerstones of the Bretton Woods system. The 80. of the 20th century are seen as the beginning of the second wave of globalization of financial markets, including a large-scale process of liberalization of capital movements. The approval for restrictions on capital flows has been replaced by the requirement for full liberalization. The benefits to the economies of countries abolishing restrictions were seen as the main reason of this new approach. The effects of the crisis, which has affected the world economy at the beginning of the 21st century, led to a revision of these views. The purpose of the article is to analyze the freedom of capital flows as part of a functioning of international monetary system on the economic theory basis.

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