| Research Abstract |
The aim of this research is to answer the following three points regarding state policy in increasing capital mobility, which is a new aspect of international relations since the 1980s, (1) How has state changed its perception of liberalization of capital mobility since the end of World War II? (2) How did state control capital mobility until the 1970s and how did state regulation of capital mobility affect international capital mobility? (3) How and why were international regimes of capital control founded among industrial states?
As for (1), this research clarifies that under the Bretton Woods system, there was no consensus among industrial countries regarding liberalization of capital, while there was consensus regarding trade liberalization. Although the DECD countries agreed the code of Capital Liberalization in 1961, which many of existing studies regards as an example of consensus regarding capital liberalization, many industrial countries often utilized its regulation of capital mobility as policy of adjusting its domestic economy, including the. United States. As for (2), this research points out that the US regulation of capital mobility in the 1960s, which aimed to decrease capital outflow from the United States, facilitated international capital mobility in the 1960s, that is, Euro market.. This implies that increasing capital mobility in the late 1960s was not a result of international market per se, but a result of the US regulated policy. As for (3), this research particularly focused on the Basel Accord of international banking and the role of the IMF in recently increasing capital mobility. Reviewing the process of formulating the Basel Accord in 1988, this research emphasizes the importance of the type of regimes in formulating the international agreement. The case of the Basel Accord shows the soft type of regime facilitated the agreement among states.
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