The IMF now supports capital controls

Quick post here to continue the theme of Christine Lagarde doing a complete makeover of the IMF. Yesterday, the Financial Times reported on an IMF staff paper that accepted capital controls as a necessary evil in specific cases, a sharp contrast to the liberalisation dogmatism that characterised IMF policy views during the 1990s. The paper does speak to the need to make controls "targeted, transparent, and generally temporary". Nonetheless, I believe this is a significant policy shift that will ...


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