ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Treason of the Clergy?

For years, the International Monetary Fund has advocated capital account convertibility in order to attract capital inflows and achieve growth in developing countries. The Fund's economists have long worked to include CAC in their reform-cum-adjustment programmes. The IMF research report released recently has led to the view that the organisation has reversed its position on CAC. However, a closer look at the fine print reveals the caveats, conditions and contexts within which it has embedded the suggested capital controls.



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