One can observe a strong trend, with fits and starts,
toward liberalization in these three areas over the past
30 years. In 1967, 25 members of the InternationalMonetary
Fund (IMF; 24% of its membership) had capital
accounts that were practically free of restrictions, 38
(37%) had fully liberalized current accounts, and 75
(73%) had unified exchange rate systems. By 1996, 54
members (30%) had removed virtually all restrictions