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COMMENTARY IMF’s New View on Capital Controls

By Kevin P Gallagher, Jose Antonio Ocampo, Kevin P Gallagher and José Antonio Ocampo


In the 1970s the International Monetary Fund became an advocate of capital account liberalisation, and in 1997 it tried to change its Articles of Agreement to include capital account convertibility among its mandates. In contrast, the IMF embraced in December 2012 a new “institutional view ” on this issue. While it remains wedded to eventual financial liberalisation, it now acknowledges that free movement of capital rests on a weak intellectual foundation. This article claims that this is a step in the right direction, but that the new institutional view still suffers from a number of shortcomings. The authors acknowledge support from the Ford Foundation for work on this issue

Year: 2012
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