Christine P. Ries is professor of economics and chair of the School of Economics, Ivan Allen College, Georgia Institute of Technology. Richard J. Sweeney is Sullivan ean Professor of International Finance at Georgetown School of Business, Georgetown University. Christine P. Ries is professor of economics and chair of the School of Economics, Ivan Allen College, Georgia Institute of Technology. Richard J. Sweeney is Sullivan ean Professor of International Finance at Georgetown School of Business, Georgetown University.

• Preface -- Introduction and Overview -- Orthodoxy Is Right: Liberalize the Capital Account Last -- Reality and the Logic of Capital Flow Liberalization -- Preconditions for Liberalization of Capital Flows: A Review and Interpretation -- The Information Costs of Capital Controls -- Currency Convertibility, Policy Credibility and Capital Flight in Poland and the Czech and Slovak Federal Republic -- Capital Controls and Corporate Investment Behavior -- Capital Account Liberalization and Policy Incentives: An Endogenous Policy View -- A Payments Mechanism for the Independent States of the Former Soviet Union