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IMF's New View on Capital Controls

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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 fi nancial 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.

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