
The IMF and the capital account: Another step forward but still out of step
By Kevin P. Gallagher, Professor and Director of the Global Development Policy Centre at Boston University’s Pardee School of Global Studies, and Co-Chair of the ‘Think 20’ Task Force on International Finance to the G20 and José Antonio Ocampo, Professor at Columbia University and former UN Under-Secretary-General for Economic and Social Affairs and Finance to the G20
Last week, the International Monetary Fund (IMF) took another step forward in recognising that regulating international capital flows is important to maintain financial stability. However, the IMF’s new policy change is still not fully in step with the policies needed to manage the capital account volatility that emerging and developing countries face.
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