555:
desirability of international cooperation to achieve globally efficient outcomes. It flags three issues of potential concern. First is the possibility that capital controls may be used as a substitute for warranted external adjustment, such as when inflow controls are used to sustain an undervalued currency. Second, the imposition of capital controls by one country may deflect some capital towards other recipient countries, exacerbating their inflow problem. Third, policies in source countries (including monetary policy) may exacerbate problems faced by capital-receiving countries if they increase the volume or riskiness of capital flows. The paper posits that if capital controls are justified from a national standpoint (in terms of reducing domestic distortions), then under a range of circumstances they should be pursued even if they give rise to cross-border spillovers. If policies in one country exacerbate existing distortions in other countries, and it is costly for other countries to respond, then multilateral coordination of unilateral policies is likely to be beneficial. Coordination may require borrowers to reduce inflow controls or an agreement with lenders to partially internalize the risks from excessively large or risky outflows.
112:
financial-stability concerns stemming from capital flow volatility, while not representing an IMF official view, were nevertheless influential in generating debate among policy makers and the international community, and ultimately in bringing about a shift in the institutional position of the IMF. With the increased use of capital controls in recent years, the IMF has moved to destigmatize the use of capital controls alongside macroeconomic and prudential policies to deal with capital flow volatility. More widespread use of capital controls raises a host of multilateral coordination issues, as enunciated for example by the G-20, echoing the concerns voiced by
882:
uncontrolled capital inflows have frequently damaged a nation's economic development by causing its currency to appreciate, by contributing to inflation, and by causing unsustainable economic booms which often precede financial crises, which are in turn caused when the inflows sharply reverse and both domestic and foreign capital flee the country. The risk of crisis is especially high in developing economies where the inbound flows become loans denominated in foreign currency, so that the repayments become considerably more expensive as the developing country's currency depreciates. This is known as
754:
315:
approximately 1980–2009, the normative opinion was that capital controls were to be avoided except perhaps in a crisis. It was widely held that the absence of controls allowed capital to freely flow to where it is needed most, helping not only investors to enjoy good returns, but also helping ordinary people to benefit from economic growth. During the 1980s, many emerging economies decided or were coerced into following the advanced economies by abandoning their capital controls, though over 50 retained them at least partially.
204:
652:, Iceland (a member of the EFTA but not of the EU) imposed capital controls due to the collapse of its banking system. Iceland's government said in June 2015 that it planned to lift them; however, since the announced plans included a tax on taking capital out of the country, arguably they still constituted capital controls. The Icelandic government announced that capital controls had been lifted on 12 March 2017. In 2017,
716:(RBI) imposed capital outflow controls due to a rapidly weakening currency. The central bank reduced direct investment in foreign assets to one-fourth of the original. It achieved this by lowering the limit on overseas remittances from $ 200,000 to $ 75,000. Special permission had to be obtained from the central bank for any exceptions to be made. The RBI reversed the measure gradually over subsequent weeks, as the
445:. In Indonesia, recently implemented controls include a one-month minimum holding period for certain securities. In South Korea, limits have been placed on currency forward positions. In Taiwan, the access that foreigner investors have to certain bank deposits has been restricted. The FT cautioned that imposing controls has a downside including the creation of possible future problems in attracting funds.
578:, and free movement for capital (absence of capital controls). In the First Age of Globalization, governments largely chose to pursue a stable exchange rate while allowing freedom of movement for capital. The sacrifice was that their monetary policy was largely dictated by international conditions, not by the needs of the domestic economy. In the
3311:(1994) by Eric Helleiner – Chapter 2 is excellent for the pre World War II history of capital controls and their stenghening with Bretton Woods. Remaining chapters cover their decline from the 1960s through to the early 1990s. Helleiner offers extensive additional reading for those with a deep interest in the history of capital controls.
782:. During the First Age of Globalization that was brought to an end by World War I, there were very few restrictions on the movement of capital, but all major economies except for the United Kingdom and the Netherlands heavily restricted payments for goods by the use of current account controls such as
608:. Despite the progress that has been made, Europe's capital markets remain fragmented along national lines and European economies remain heavily reliant on the banking sector for their funding needs. Within the building on the Investment Plan for Europe for a closer integration of capital markets, the
881:
Economic crises have been considerably more frequent since the
Bretton Woods capital controls were relaxed. Even economic historians who class capital controls as repressive have concluded that capital controls, more than the period's high growth, were responsible for the infrequency of crisis. Large
496:
wrote a letter to the Obama administration asking them to remove clauses from various bilateral trade agreements that allow the use of capital controls to be penalized. There was strong counter lobbying by business and so far the US administration has not acted on the call, although some figures such
530:
challenged the emergent consensus that short-term capital controls can be beneficial, publishing a preliminary study that found the measures used by countries like Brazil had been ineffective (at least up to 2010). Klein argues it was only countries with long term capital controls, such as China and
504:
Econometric analyses undertaken by the IMF, and other academic economists found that in general countries which deployed capital controls weathered the 2008 crisis better than comparable countries which did not. In April 2011, the IMF published its first ever set of guidelines for the use of capital
513:
published a paper where they broadly welcomed the G20's decision in favor of even greater use of capital controls, though they caution that compared to developing countries, advanced economies may find it harder to implement efficient controls. Not all momentum has been in favor of increased use of
34:. These measures may be economy-wide, sector-specific (usually the financial sector), or industry specific (e.g. "strategic" industries). They may apply to all flows, or may differentiate by type or duration of the flow (debt, equity, or direct investment, and short-term vs. medium- and long-term).
612:
adopted in 2015 the Action Plan on
Building a Capital Markets Union (CMU) setting out a list of key measures to achieve a true single market for capital in Europe, which deepens the existing Banking Union, because this revolves around disintermediated, market-based forms of financing, which should
877:
Capital controls limiting a nation's residents from owning foreign assets can ensure that domestic credit is available more cheaply than would otherwise be the case. This sort of capital control is still in effect in both India and China. In India the controls encourage residents to provide cheap
732:
measure distinguishes itself from the general capital controls as summarized above as it is one of the prudential regulations that aims to mitigate the systemic risk, reduce the business cycle volatility, increase the macroeconomic stability, and enhance the social welfare. It generally regulates
660:
said that he had opposed the introduction of capital controls in
Iceland during the crisis but that the experience in Iceland had made him change his mind, commenting: "The government needed to finance very large deficits. The imposition of capital controls locked a considerable amount of foreign
289:
suggest that the use of capital controls in this period, even more than its rapid economic growth, was responsible for the very low level of banking crises that occurred in the
Bretton Woods era. According to Barry Eichengreen, capital controls were more effective in the 1940s and 1950s than they
267:
posits that heavy lobbying from Wall Street bankers was a factor in persuading
American authorities not to subject the Eurodollar market to capital controls. From the late 1960s the prevailing opinion among economists began to switch to the view that capital controls are on the whole more harmful
46:
on currency exchanges, minimum stay requirements, requirements for mandatory approval, or even limits on the amount of money a private citizen is allowed to remove from the country. There have been several shifts of opinion on whether capital controls are beneficial and in what circumstances they
793:
There is no consensus on whether capital control restrictions on the free movement of capital and payments across national borders benefits developing countries. Many economists agree that lifting capital controls while inflationary pressures persist, the country is in debt, and foreign currency
554:
Capital controls may have externalities. Some empirical studies find that capital flows were diverted to other countries as capital controls were tightened in Brazil. An IMF staff discussion note (Jonathan D. Ostry et al., 2012) explores the multilateral consequences of capital controls, and the
314:
countries began abolishing their capital controls, starting between 1973 and 1974 with the US, Canada, Germany, and
Switzerland, and followed by the United Kingdom in 1979. Most other advanced and emerging economies followed, chiefly in the 1980s and early 1990s. During the period spanning from
111:
economies, a group of economists at the IMF outlined the elements of a policy toolkit to manage the macroeconomic and financial-stability risks associated with capital flow volatility. The proposed toolkit allowed a role for capital controls. The study, as well as a successor study focusing on
244:, were somewhat less radical than Keynes but still agreed on the need for permanent capital controls. In his closing address to the Bretton Woods conference, Morgenthau spoke of how the measures adopted would drive "the usurious money lenders from the temple of international finance".
414:
et al., 2010), and a follow-up note prepared in April 2011, have been hailed as an "end of an era" that eventually led to a change in the IMF's long held position that capital controls should be used only in extremis, as a last resort, and on a temporary basis. In June 2010, the
133:
Prior to the 19th century, there was generally little need for capital controls due to low levels of international trade and financial integration. In the First Age of
Globalization, which is generally dated from 1870 to 1914, capital controls remained largely absent.
379:, capital inflows to emerging market economies, especially, in Asia and Latin America, surged, raising macroeconomic and financial-stability risks. Several emerging market economies responded to these concerns by adopting capital controls or macroprudential measures;
1215:
Some of the few pre WWI capital controls had political rather than economic motivations, e.g. between
Germany and France after the 1871 Franco Prussian war, but there were a few controls implemented with economic justifications, although not endorsed by mainstream
582:
period, governments were free to have both generally stable exchange rates and independent monetary policies at the price of capital controls. The impossible trinity concept was especially influential during this era as a justification for capital controls. In the
805:
According to a 2016 study, the implementation of capital controls can be beneficial in a two-country situation for the country that implements the capital controls. The effects of capital controls are more ambiguous when both countries implement capital controls.
698:
intensified in the 2010s decade, Greece has implemented capital controls. At the end of August, the Greek government announced that the last capital restrictions would be lifted as of 1 September 2019, about 50 months after they were introduced.
215:—it was perceived that this would help protect the interests of ordinary people and the wider economy. These measures were popular as at this time the western public's view of international bankers was generally very low, blaming them for the
231:
convertibility should be adopted once international conditions had stabilised sufficiently. This essentially meant that currencies were to be freely convertible for the purposes of international trade in goods and services but not for
661:
capital in the country. It stands to reason that these funds substantially lowered the government's financing cost, and it is unlikely that the government could have done nearly as much deficit spending without capital controls."
547:, which seem to have been ineffective in achieving the goals of macroeconomic policy. Other studies have found that capital controls may lower financial stability risks, while the controls Brazilian authorities adopted after the
41:
that prevent or limit the buying and selling of a national currency at the market rate, caps on the allowed volume for the international sale or purchase of various financial assets, transaction taxes such as the proposed
158:
has implied that the use of capital controls peaked during World War II, but the more general view is that the most wide-ranging implementation occurred after
Bretton Woods. An example of capital control in the
63:
economists became increasingly successful in persuading their colleagues that capital controls were in the main harmful. The US, other
Western governments, and multilateral financial institutions such as the
518:
described as reflecting an ongoing desire by Chinese authorities for further liberalization. India also lifted some of its controls on inbound capital in early January 2012, drawing criticism from economist
769:
Full freedom of movement for capital and payments has so far only been approached between individual pairings of states which have free trade agreements and relative freedom from capital controls, such as
491:
In February 2011, citing evidence from new IMF research (Jonathan D. Ostry et al., 2010) that restricting short-term capital inflows could lower financial-stability risks, over 250 economists headed by
745:
timing means that such regulation should be taken effectively before the realization of any unfettered crisis as opposed to taking policy interventions after a severe crisis already hits the economy.
570:(trilemma, the unholy trinity), the finding that its impossible for a nation's economic policy to simultaneously deliver more than two of the following three desirable macroeconomic goals, namely a
484:
has suggested that capital controls are going to become much more widely used over the next few years. Several analysts have questioned whether controls will be effective for most countries, with
271:
While many of the capital controls in this era were directed at international financiers and banks, some were directed at individual citizens. In the 1960s, British individuals were at one point
476:
further reviewing the possibility of increasing their capital controls as a response. In October 2010, with reference to increased concern about capital flows and widespread talk of an imminent
737:
policy interventions. The prudence requirement says that such regulation should curb and manage the excessive risk accumulation process with cautious forethought to prevent an emerging
3214:
348:, spoke out in favor of a limited role for capital controls. While many developing world economies lost faith in the free market consensus, it remained strong among Western nations.
103:, to make use of capital controls alongside macroeconomic and prudential policies as means to dampen the effects of volatile flows on their economies. In the aftermath of the
3367:
3586:
277:
2768:
2709:
2583:
322:. Asian nations that had retained their capital controls such as India and China could credit them for allowing them to escape the crisis relatively unscathed.
236:
transactions. Most industrial economies relaxed their controls around 1958 to allow this to happen. The other leading architect of Bretton Woods, the American
410:
Pro-capital control statements by various prominent economists, together with an influential staff position note prepared by IMF economists in February 2010 (
3581:
3068:
2517:
263:, it is unclear to what extent this was due to an unwillingness on the part of governments to respond effectively, as compared with an inability to do so.
2393:
1262:
509:, the G20 agreed that developing countries should have even greater freedom to use capital controls than the IMF guidelines allow. A few weeks later, the
3043:
211:
At the end of World War II, international capital was caged by the imposition of strong and wide-ranging capital controls as part of the newly created
3410:
3243:
613:
represent an alternative to the traditionally predominant in Europe bank-based financing channel. The project is a political signal to strengthen the
954:
2274:
587:
period, advanced economies generally chose to allow freedom of capital and to continue maintaining an independent monetary policy while accepting a
2744:
2435:
2346:
2251:
2216:
2181:
1998:
1939:
3347:
3250:
3396:
2481:
1585:
3634:
1369:
2660:
55:. Capital controls were relatively easy to impose, in part because international capital markets were less active in general. In the 1970s,
3644:
3629:
3225:
188:
1339:
558:
In December 2012, the IMF published a staff paper which further expanded on their recent support for the limited use of capital controls.
456:
several large economies had undertaken over the previous two years as a response to the crisis. This has led to countries such as Brazil,
3361:
3177:
2632:
605:
536:
2799:
866:
Global economic growth was on average considerably higher in the Bretton Woods periods where capital controls were widely in use. Using
51:
which emerged after World War II and lasted until the early 1970s. This period was the first time capital controls had been endorsed by
3144:
523:, who considers relaxing capital controls a good policy for China but not for India considering her different economic circumstances.
3397:
Regaining control – detailed paper on the use of capital controls post WWII, with emphases on the increased use after the 2008 crises
391:. The partial return to favor of capital controls is linked to a wider emerging consensus among policy makers for the greater use of
1973:
IMF Completes First Review Under Stand-By Arrangement with Iceland, Extends Arrangement, and Approves US$ 167.5 Million Disbursement
3601:
2999:
758:
365:
3446:
3380:
2556:, Atish R. Ghosh, Marcos Chamon, Mahvash S. Qureshi, 2012a, "Tools for Managing Financial-Stability Risks from Capital Inflows",
1876:
272:
251:, the first two decades after World War II saw little argument against capital controls from economists, though an exception was
3639:
3624:
3474:
677:
622:
2844:
330:
imposed capital controls as an emergency measure in September 1998, both strict exchange controls and limits on outflows from
3591:
2040:
1718:
1683:
1471:
1412:
1238:
1135:
429:
had joined the IMF in advising there is a role for capital controls. The FT reported on the recent tightening of controls in
299:
228:
830:
When controls include taxes, funds raised are sometimes siphoned off by corrupt government officials for their personal use.
649:
3400:
2962:
1592:
255:. From the late 1950s, the effectiveness of capital controls began to break down, in part due to innovations such as the
2114:
2086:
223:, one of the principal architects of the Bretton Woods system, envisaged capital controls as a permanent feature of the
3670:
3469:
1057:, Atish R. Ghosh, Karl Habermeier, Luc Laeven, Marcos Chamon, Mahvash S. Qureshi, and Annamaria Kokenyne (April 2011),
653:
421:
published several articles on the growing trend towards using capital controls. They noted influential voices from the
372:, calling them "an essential feature of the monetary policy framework, given the scale of potential capital outflows".
361:
878:
funds directly to the government, while in China it means that Chinese businesses have an inexpensive source of loans.
514:
capital controls however. In December 2011, China partially loosened its controls on inbound capital flows, which the
154:
response to potentially damaging flows rather than based on a change in normative economic theory. Economic historian
3596:
3338:
2936:
2888:
Ringe, Wolf-Georg (9 March 2015). "Capital Markets Union for Europe - A Political Message to the UK". Rochester, NY.
2765:
2698:
2572:
1859:
1759:
1640:
1561:
1536:
1440:
1323:
1200:
2368:
3390:
3685:
798:, the peso lost 30 percent of its value relative to the dollar. Most countries will lift capital controls during
637:
2527:
207:
A widespread system of capital controls were decided upon at the international 1944 conference at Bretton Woods.
3500:
3407:
1273:
775:
548:
334:; these were found to be effective in containing the damage from the crisis. In the early 1990s, even some pro-
104:
92:
3017:
1002:, Atish R. Ghosh, Karl Habermeier, Marcos Chamon, Mahvash S. Qureshi, and Dennis B.S. Reinhardt (2010-02-19).
2789:
Did the Indian capital controls work as a tool of macroeconomic policy?, IMF Economic Review, September 2012.
2170:
224:
88:
72:
began to take a critical view of capital controls and persuaded many countries to abandon them to facilitate
1114:(April 2011), "The Reformation: A disjointed attempt by the IMF to refine its thinking on capital controls".
3505:
3254:
953:
Frieden, Jeffry; Martin, Lisa (2003). "International Political Economy: Global and Domestic Interactions".
3376:
821:
By encouraging foreign direct investment, it helps developing economies to benefit from foreign expertise.
3571:
3439:
2610:
2146:
1883:
1801:
1783:
1161:
1062:
1007:
897:
729:
319:
171:. The tax was needed to limit the removal of capital from the country by wealthy residents. At the time,
84:
65:
2788:
1926:
2733:
2424:
2333:
2240:
2205:
1987:
1950:
689:
400:
80:
3329:
2871:"The legal and regulatory aspects of the free movement of capital - towards the Capital Markets Union"
818:
It enhances overall economic growth by allowing savings to be channelled to their most productive use.
794:
reserves are low, will not be beneficial. When capital controls were lifted under these conditions in
3479:
3369:
India's New Capital Restrictions: What Are They, Why Were They Created, and Have They Been Effective?
3314:
Erten, Bilge, Anton Korinek, and José Antonio Ocampo. 2021. "Capital Controls: Theory and Evidence".
922:
843:
147:
38:
23:
2922:
2606:
2301:
3665:
2492:
1596:
1463:
1457:
1021:
883:
26:, other limits, or outright prohibitions that a nation's government can use to regulate flows from
3188:
1379:
680:. These capital controls were lifted in 2015, with the last controls being removed in April 2015.
146:. In the 1920s they were generally relaxed, only to be strengthened again in the wake of the 1929
3675:
2818:
by Frederic J. Lambert, Julio Ramos-Tallada and Cyril Rebillard (Banque de France), December 2011
2671:
2020:
676:, imposed the Eurozone's first temporary capital controls in 2013 as part of its response to the
404:
396:
180:
3151:
1315:
1309:
399:, international agreement for the global adoption of Macro prudential policy was reached at the
3680:
3432:
3391:
Global summary showing most of the worlds population are subject to capital controls as of 2011
3184:
2060:
1494:
1347:
932:
860:
824:
Allows states to raise funds from external markets to help them mitigate a temporary recession.
614:
588:
506:
422:
392:
73:
2901:
1779:
1528:
531:
India, that have enjoyed measurable protection from adverse capital flows. In the same month,
3619:
3551:
3546:
2909:
1851:
1841:
1797:
713:
1520:
1157:
3561:
1058:
1003:
927:
907:
584:
579:
248:
241:
212:
52:
48:
2979:
2032:
2025:
971:
448:
By September 2010, emerging economies had experienced huge capital inflows resulting from
8:
3495:
2279:
1972:
912:
867:
753:
629:
countries, and sent a strong signal to the UK to remain an active part of the EU, before
609:
571:
453:
331:
220:
113:
96:
2139:
1911:
Jagdish Bhagwati (2004) In defense of Globalization. Oxford University Press; pp.199–207
814:
Pro-free market economists claim the following advantages for free movement of capital:
168:
3125:
1732:
1724:
1623:
917:
567:
520:
237:
117:
1887:
3280:
3117:
2897:
2803:
2553:
2419:
2064:
2036:
1855:
1775:
1755:
1736:
1714:
1679:
1636:
1557:
1532:
1521:
1498:
1467:
1436:
1408:
1319:
1234:
1226:
1196:
1153:
1131:
1054:
999:
695:
411:
318:
The orthodox view that capital controls are a bad thing was challenged following the
155:
3129:
863:
that reduces the risk of financial crises and prevents the associated externalities.
3576:
3109:
2889:
1706:
1402:
1305:
836:-type traders across Asia have always been able to evade currency movement controls
787:
738:
527:
339:
327:
216:
176:
164:
56:
3241:
501:
have spoken out in support of capital controls at least in certain circumstances.
3531:
3414:
2772:
2739:
2704:
2667:
2578:
2430:
2341:
2308:
2246:
2211:
2176:
1993:
1944:
1774:
Giovanni Dell’Ariccia, Julian di Giovanni, Andre Faria, Ayhan Kose, Paolo Mauro,
1663:
1374:
1263:"This Time is Different: A Panoramic View of Eight Centuries of Financial Crises"
1254:
1125:
1095:
575:
510:
493:
417:
376:
357:
282:
252:
233:
172:
160:
108:
100:
31:
3541:
2397:
1985:
A Beattie; K Brown; P Garnham; J Wheatley; S Jung-a; J Lau (19 November 2009).
1667:
1258:
618:
543:
published an article about the permanent and comprehensive capital controls in
307:
286:
264:
203:
187:
to power in 1933, the tax was repurposed to confiscate money and property from
27:
2828:
Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls
2816:
Capital Controls and Spillover Effects: Evidence from Latin-American Countries
375:
In the latter half of 2009, as the global economy started to recover from the
3659:
3536:
3510:
3121:
1921:
1846:
1554:
States and the Reemergence of Global Finance: From Bretton Woods to the 1990s
1078:
902:
799:
657:
344:
335:
311:
874:
have found no positive correlation between growth and free capital movement.
774:
and the US, or the complete freedom within regions such as the EU, with its
3455:
3353:
3284:
2637:
2394:"Chile Not Planning Capital Controls For Region-Beating Peso, Larrain Says"
2140:"The Liberalization and Management of Capital Flows: An Institutional View"
2091:
1728:
1700:
1082:(February 2010), "The IMF changes its mind on controls on capital inflows".
827:
Enables both savers and borrowers to secure the best available market rate.
717:
498:
481:
477:
469:
388:
192:
765:
would likely oppose capital controls, and argue that they would not work.
599:
566:
The history of capital controls is sometimes discussed in relation to the
368:, the IMF proposed that capital controls on outflows should be imposed by
3357:
3281:"Understanding Capital And Financial Accounts In The Balance Of Payments"
3113:
2893:
2458:
2056:
1490:
1191:
Eirc Helleiner; Louis W Pauly; et al. (2005). John Ravenhill (ed.).
871:
532:
449:
434:
303:
260:
143:
142:
Highly restrictive capital controls were introduced with the outbreak of
60:
3242:
Eswar S. Prasad; Raghuram G. Rajan; Arvind Subramanian (16 April 2007).
3094:
1710:
3350:, University of Iowa Center for International Finance & Development
2658:
1586:"Regaining Control? - Capital Controls and the Global Financial Crisis"
1459:
The Gods That Failed: How Blind Faith in Markets Has Cost Us Our Future
426:
275:
with them out of the country for their foreign holidays. In their book
256:
69:
839:
795:
762:
430:
43:
3362:
Did the Malaysian capital controls work? NBER Working Paper No. 8142
2827:
2815:
2480:
Hausmann, Ricardo; Stiglitz, Joseph; et al. (31 January 2011).
1304:
383:
imposed a tax on the purchase of financial assets by foreigners and
3178:"Regulating Capital Flows to Emerging Markets: An Externality View"
2984:
1984:
1702:
Globalizing Capital: A History of the International Monetary System
1231:
Globalizing Capital: A History of the International Monetary System
779:
626:
465:
323:
2963:"Comment on "The rise, the fall, and the resurrection of Iceland""
1662:
1253:
636:
There have been three instances of capital controls in the EU and
16:
Monetary policy limiting transfer of assets in or out of a country
2522:
1269:
488:'s finance minister saying his country had no plans to use them.
369:
3424:
3069:"Here's why Argentina's new president Macri let the peso crash"
2659:
Oliver Bush; Katie Farrant; Michelle Wright (9 December 2011).
1937:
1099:(February 2010), "IMF reconsiders capital controls opposition".
855:
Pro-capital control economists have made the following points.
833:
809:
783:
771:
673:
669:
630:
473:
457:
442:
438:
384:
380:
364:
which reversed the previously prevailing orthodoxy. During the
2870:
1821:
China and India still retain capital controls as late as 2010.
1798:"Silent Revolution: The International Monetary Fund 1979–1989"
47:
should be used. Capital controls were an integral part of the
2776:
544:
540:
485:
403:, an agreement which Mason said had seemed impossible at the
184:
3377:
Capital Controls and Monetary Policy in Developing Countries
2456:
640:(EFTA) since 2008, all of them triggered by banking crises.
2661:"Reform of the International Monetary and Financial System"
1874:
1190:
1020:
Blanchard, Olivier; Ostry, Jonathan D. (11 December 2012).
461:
3587:
International Centre for Settlement of Investment Disputes
2845:"Mid-term review of the capital markets union action plan"
1672:
This Time Is Different: Eight Centuries of Financial Folly
850:
183:
imposed after World War I. Following the ascension of the
99:, and led many countries, even those with relatively open
3418:
3333:
3044:"Five countries that have used capital controls recently"
2831:
1455:
306:
orientated policies and theories, and the shift from the
137:
3150:. IMF Economic Review 59(3), pp. 523–561. Archived from
2275:"Capital controls eyed as global currency wars escalate"
1705:(3rd ed.). Princeton University Press. p. 87.
1195:. Oxford University Press. pp. 7–15, 154, 177–204.
972:"Capital Account Liberalization and the Role of the IMF"
748:
95:
highlighted the risks associated with the volatility of
2272:
2206:"Seoul curbs capital flows to rein in won fluctuations"
2019:
1877:"Rethinking Capital Controls: The Malaysian Experience"
846:
a convenience for increasing numbers of bank customers.
600:
Capital controls in the European Single Market and EFTA
351:
1158:"Multilateral Aspects of Managing the Capital Account"
3582:
International Bank for Reconstruction and Development
2518:"US business defends capital controls in trade pacts"
672:, a Eurozone member state which is closely linked to
2980:"Cyprus lifts all capital controls as banks recover"
842:
and communications technologies have made unimpeded
293:
3093:Heathcote, Jonathan; Perri, Fabrizio (1 May 2016).
2457:Ragnar Arnason; Jon Danielsson (14 November 2011).
3145:"The New Economics of Prudential Capital Controls"
2732:
2730:
2697:
2607:"IMF Develops Framework to Manage Capital Inflows"
2571:
2423:
2332:
2239:
2204:
2169:
2112:
2024:
1986:
1949:
1622:
723:
702:
551:did have some beneficial effect on Brazil itself.
3375:José Antonio Cordero and Juan Antonio Montecino,
2695:
2418:
1780:"Reaping the Benefits of Financial Globalization"
1518:
1340:"Expropriation (Aryanization) of Jewish Property"
1225:
664:
3657:
3408:The New Economics of Prudential Capital Controls
2479:
2459:"Capital controls are exactly wrong for Iceland"
2115:"Time For Coordinated Capital Account Controls?"
1658:
1656:
1654:
1652:
1107:
1105:
1073:
1071:
2699:"China opens up to offshore renminbi investors"
2630:
2549:
2547:
2545:
2084:
1583:
1127:Capital Controls and International Economic Law
1022:"The multilateral approach to capital controls"
198:
3092:
3000:"Greece ends capital controls after 50 months"
2134:
2132:
1839:
1778:, Martin Schindler, and Marco Terrones, 2008,
1435:(3rd ed.). Prentice Hall. pp. 2–20.
1400:
1059:"Managing Capital Inflows: What Tools to Use?"
1019:
956:Political Science: The State of the Discipline
561:
452:made attractive to market participants by the
3635:Central banks and currencies of the Caribbean
3440:
3175:
2569:
2273:Ambrose Evans-Pritchard (29 September 2010).
2241:"Asia toys with introducing capital controls"
1795:
1649:
1311:Macroeconomics: A European Text , 4th edition
1102:
1068:
952:
3645:Central banks and currencies of the Americas
3630:Central banks and currencies of Asia-Pacific
3309:States and the Reemergence of Global Finance
2800:Navigating Capital Flows in Brazil and Chile
2734:"China and India: right policy, wrong place"
2604:
2542:
2330:
1975:, Press Release No. 09/375, October 28, 2009
1875:Masahiro Kawai; Shinji Takagi (1 May 2003).
1789:
1579:
1577:
1575:
1573:
1247:
1156:, Atish R. Ghosh, and Anton Korinek (2012b)
1149:
1147:
810:Arguments in favour of free capital movement
3215:"Who Needs Capital-Account Convertability?"
2369:"China Must Fix the Global Currency Crisis"
2237:
2129:
2055:
1698:
1489:
1300:
1298:
1296:
1294:
1219:
1050:
1048:
1046:
1044:
1042:
995:
993:
991:
989:
606:Four Freedoms of the European Single Market
407:which took place only a few months before.
175:was suffering economic hardship due to the
3447:
3433:
2972:
2652:
2202:
1449:
859:Capital controls may represent an optimal
387:restricted overseas investors from buying
3142:
3095:"On the Desirability of Capital Controls"
2960:
2849:European Commission - European Commission
2802:by Brittany Baumann and Kevin Gallagher (
2335:China must fix the global currency crisis
1938:Chris Giles; Ralph Atkins; Krishna Guha.
1570:
1551:
1144:
1090:
1088:
3602:Multilateral Investment Guarantee Agency
3343:, November/December 1999, pp. 13–30
3278:
3136:
2167:
2106:
1978:
1835:
1833:
1831:
1829:
1827:
1527:(4th ed.). Prentice Hall. pp.
1523:Exchange Rates and International Finance
1512:
1485:
1483:
1291:
1123:
1061:, IMF Staff Discussion Notes No. 11/06.
1039:
986:
752:
526:In September 2012, Michael W. Klein of
342:, and some writers in publications like
202:
3381:Center for Economic and Policy Research
3169:
2868:
2425:"The IMF needs to find its voice again"
2113:Arvind Subramanian (18 November 2009).
1988:"Worried nations try to cool hot money"
1749:
1674:. Princeton University Press. pp.
1004:"Capital Inflows: The Role of Controls"
969:
939:
851:Arguments in favour of capital controls
604:The free flow of capital is one of the
3658:
3640:Central banks and currencies of Europe
3625:Central banks and currencies of Africa
3475:Basel Committee on Banking Supervision
3272:
3212:
2696:Simon Rabinovitch (18 December 2011).
2573:"IMF gives ground on capital controls"
2087:"Capital controls back in IMF toolkit"
1743:
1426:
1424:
1186:
1184:
1182:
1180:
1178:
1176:
1174:
1172:
1170:
1085:
643:
594:
138:World War I to World War II: 1914–1945
3592:International Development Association
3428:
3244:"Foreign Capital and Economic Growth"
3235:
2887:
2747:from the original on 11 December 2022
2731:Arvind Subramanian (9 January 2012).
2712:from the original on 11 December 2022
2586:from the original on 11 December 2022
2438:from the original on 11 December 2022
2349:from the original on 11 December 2022
2254:from the original on 11 December 2022
2219:from the original on 11 December 2022
2184:from the original on 11 December 2022
2027:Meltdown: The End of the Age of Greed
2001:from the original on 11 December 2022
1824:
1495:"Greek Lessons for the World Economy"
1480:
1430:
1394:
749:Free movement of capital and payments
683:
22:are residency-based measures such as
3041:
2631:Kevin Gallagher (29 November 2010).
2231:
1620:
1614:
1584:Kevin Gallagher (20 February 2011).
1456:Larry Elliott; Dan Atkinson (2008).
1314:. Oxford University Press. pp.
650:2008-2011 Icelandic financial crisis
395:. According to economics journalist
366:2008–2011 Icelandic financial crisis
352:After the 2007–2008 financial crisis
273:restricted from taking more than £50
3330:An introduction to capital controls
1593:University of Massachusetts Amherst
1421:
1378:. 26 September 1938. Archived from
1167:
13:
3470:Bank for International Settlements
3421:), IMF Economic Review 59(3), 2011
3372:The Johns Hopkins University, 2008
3302:
2558:Journal of International Economics
678:2012–2013 Cypriot financial crisis
654:University of California, Berkeley
298:By the late 1970s, as part of the
128:
14:
3697:
3597:International Finance Corporation
3454:
3339:Federal Reserve Bank of St. Louis
3322:
3042:Nair, Vishwanath (29 June 2015).
2766:Capital Controls: Gates and Walls
2633:"The IMF must heed G20 decisions"
2526:. 8 February 2011. Archived from
294:Post-Bretton Woods era: 1971–2009
37:Types of capital control include
2937:"Iceland Lifts Capital Controls"
2085:Kevin Gallagher (1 March 2010).
2031:(2nd ed.). Verso. pp.
1940:"The undeniable shift to Keynes"
1782:, IMF Occasional Paper No. 264 (
1462:. The Bodley Head Ltd. pp.
591:or semi-floating exchange rate.
3206:
3086:
3061:
3035:
3010:
2992:
2954:
2929:
2881:
2862:
2837:
2821:
2809:
2793:
2782:
2759:
2724:
2689:
2624:
2598:
2563:
2510:
2473:
2450:
2412:
2386:
2361:
2331:George Soros (7 October 2010).
2324:
2303:West inflates EM 'super bubble'
2294:
2266:
2196:
2161:
2078:
2049:
2013:
1966:
1931:
1914:
1905:
1868:
1815:
1768:
1692:
1545:
1433:International Financial Markets
1362:
1332:
1209:
724:Adoption of prudential measures
707:
703:Capital controls outside Europe
638:European Free Trade Association
167:, introduced in 1931 by German
107:, as capital inflows surged to
3501:Contractionary monetary policy
3316:Journal of Economic Literature
2570:Robin Harding (5 April 2011).
2061:"The End of an Era in Finance"
1233:. Princeton University Press.
1130:. Cambridge University Press.
1117:
1013:
963:
946:
665:Republic of Cyprus (2013–2015)
454:expansionary monetary policies
362:2008–2009 Keynesian resurgence
30:into and out of the country's
1:
2605:IMF staffers (5 April 2011).
1006:. Staff Position Note 10/04.
974:. International Monetary Fund
225:international monetary system
89:1998 Russian financial crisis
3506:Expansionary monetary policy
3176:Anton Korinek (1 May 2010).
2238:Kevin Brown (30 June 2010).
1927:A place for capital controls
1840:Kate Galbraith, ed. (2001).
1752:Inside International Finance
1678:, esp. 66, 92–94, 205, 403.
1556:. Cornell University Press.
1308:and Charles Wyplosz (2005).
759:International Finance Centre
300:displacement of Keynesianism
199:Bretton Woods era: 1945–1971
7:
3572:International Monetary Fund
3022:Corporate Finance Institute
2611:International Monetary Fund
2203:Song Jung- (14 June 2010).
2147:International Monetary Fund
1884:Ministry of Finance (Japan)
1802:International Monetary Fund
1784:International Monetary Fund
1699:Eichengreen, Barry (2019).
1628:, esp. preface and chpt. 3"
1272:. p. 8. Archived from
1162:International Monetary Fund
1063:International Monetary Fund
1008:International Monetary Fund
959:. W.W. Norton. p. 121.
898:Prudential capital controls
890:
741:and economic collapse. The
730:prudential capital controls
562:Impossible trinity trilemma
320:1997 Asian financial crisis
169:Chancellor Heinrich Brüning
120:more than six decades ago.
85:1997 Asian financial crisis
66:International Monetary Fund
10:
3702:
3348:What are Capital Controls?
2875:Journal of Legal Theory HU
2560:, vol. 88(2), pp. 407–421.
1519:Laurence Copeland (2005).
690:Capital controls in Greece
687:
549:2007–2008 financial crisis
401:2009 G20 Pittsburgh summit
123:
105:2007–2008 financial crisis
93:2007–2008 financial crisis
81:Latin American debt crisis
3671:Foreign direct investment
3612:
3560:
3519:
3488:
3480:Financial Stability Board
3462:
2771:January 14, 2013, at the
2168:Lex team (10 June 2010).
1750:Roberts, Richard (1999).
1635:. Yale University Press.
1370:"Germany: Profitable Tax"
970:Fischer, Stanley (1997).
844:electronic funds transfer
2869:Vértesy, László (2019).
1552:Helleiner, Eric (1995).
1193:Global Political Economy
1124:Mercurio, Bryan (2023).
83:of the early 1980s, the
2961:Steinsson, Jón (2017).
2941:Prime Minister's Office
2117:. The Baseline Scenario
2021:Paul Mason (journalist)
1401:Liaquat Ahamed (2009).
507:2011 G-20 Cannes summit
468:, South Korea, Taiwan,
227:, though he had agreed
74:financial globalization
3686:Economics catchphrases
3406:Anton Korinek (2011),
3328:Christopher J. Neely,
3185:University of Maryland
2917:Cite journal requires
2830:by Kristin J. Forbes (
1431:Orlin, Crabbe (1996).
933:Macroprudential policy
861:macroprudential policy
766:
733:inflows only and take
615:European Single Market
497:as Treasury secretary
423:Asian Development Bank
393:macroprudential policy
278:This Time Is Different
208:
3620:List of central banks
3552:Sovereign wealth fund
3547:Open market operation
3213:Rodrik, Dani (1998).
2775:by Michael W. Klein (
1754:. Orion. p. 25.
1633:Fixing Global Finance
1621:Wolf, Martin (2009).
923:Mundell–Fleming model
870:, economists such as
756:
714:Reserve Bank of India
332:portfolio investments
259:market. According to
206:
3114:10.1057/imfer.2016.7
2894:10.2139/ssrn.2575654
1344:www.edwardvictor.com
940:Notes and references
928:Financial repression
908:Bretton Woods System
625:instead of just the
585:Washington Consensus
249:Keynesian Revolution
213:Bretton Woods system
191:the state-sponsored
53:mainstream economics
49:Bretton Woods system
3496:Capital requirement
3260:on 14 December 2009
3102:IMF Economic Review
3073:The Washington Post
2677:on 18 December 2011
2312:. 29 September 2010
2280:The Daily Telegraph
1954:on 11 December 2022
1796:James M. Boughton.
1711:10.2307/j.ctvd58rxg
1229:(2008). ""chp 1"".
913:Embedded liberalism
868:regression analysis
644:Iceland (2008–2017)
610:European Commission
595:Examples since 2013
572:fixed exchange rate
290:were subsequently.
281:(2009), economists
221:John Maynard Keynes
150:. This was more an
114:John Maynard Keynes
3413:2016-03-11 at the
3251:Peterson Institute
3222:Harvard University
3018:"Capital Controls"
2498:on 24 January 2012
2171:"Capital controls"
1407:. WindMill Books.
918:Impossible trinity
767:
684:Greece (2015–2019)
568:impossible trinity
521:Arvind Subramanian
326:'s prime minister
238:Harry Dexter White
209:
118:Harry Dexter White
3653:
3652:
3395:Kevin Gallagher,
3006:. 26 August 2019.
2779:), September 2012
2554:Jonathan D. Ostry
2422:(14 April 2011).
2420:Sebastian Mallaby
2149:. 3 December 2012
2065:Project Syndicate
2059:(11 March 2010).
2042:978-1-84467-653-8
1776:Jonathan D. Ostry
1720:978-0-691-19390-8
1685:978-0-19-926584-8
1499:Project Syndicate
1473:978-1-84792-030-0
1414:978-0-09-949308-2
1382:on 26 August 2010
1316:246–248, 515, 516
1261:(16 April 2008).
1240:978-0-691-13937-1
1227:Barry Eichengreen
1154:Jonathan D. Ostry
1137:978-1-316-51743-7
1055:Jonathan D. Ostry
1000:Jonathan D. Ostry
696:Greek debt crisis
574:, an independent
505:controls. At the
412:Jonathan D. Ostry
268:than beneficial.
156:Barry Eichengreen
39:exchange controls
24:transaction taxes
3693:
3577:World Bank Group
3449:
3442:
3435:
3426:
3425:
3318:, 59 (1): 45–89.
3296:
3295:
3293:
3291:
3276:
3270:
3269:
3267:
3265:
3259:
3253:. Archived from
3248:
3239:
3233:
3232:
3231:on 24 July 2023.
3230:
3224:. Archived from
3219:
3210:
3204:
3203:
3201:
3199:
3193:
3187:. Archived from
3182:
3173:
3167:
3166:
3164:
3162:
3156:
3149:
3140:
3134:
3133:
3099:
3090:
3084:
3083:
3081:
3079:
3065:
3059:
3058:
3056:
3054:
3039:
3033:
3032:
3030:
3028:
3014:
3008:
3007:
3004:www.euractiv.com
2996:
2990:
2989:
2976:
2970:
2969:
2967:
2958:
2952:
2951:
2949:
2947:
2933:
2927:
2926:
2920:
2915:
2913:
2905:
2885:
2879:
2878:
2866:
2860:
2859:
2857:
2855:
2841:
2835:
2825:
2819:
2813:
2807:
2797:
2791:
2786:
2780:
2763:
2757:
2756:
2754:
2752:
2736:
2728:
2722:
2721:
2719:
2717:
2701:
2693:
2687:
2686:
2684:
2682:
2676:
2670:. Archived from
2665:
2656:
2650:
2649:
2647:
2645:
2628:
2622:
2621:
2619:
2617:
2602:
2596:
2595:
2593:
2591:
2575:
2567:
2561:
2551:
2540:
2539:
2537:
2535:
2514:
2508:
2507:
2505:
2503:
2497:
2491:. Archived from
2489:Tufts University
2486:
2482:"CapCtrlsLetter"
2477:
2471:
2470:
2468:
2466:
2454:
2448:
2447:
2445:
2443:
2427:
2416:
2410:
2409:
2407:
2405:
2390:
2384:
2383:
2381:
2379:
2365:
2359:
2358:
2356:
2354:
2338:
2328:
2322:
2321:
2319:
2317:
2298:
2292:
2291:
2289:
2287:
2270:
2264:
2263:
2261:
2259:
2243:
2235:
2229:
2228:
2226:
2224:
2208:
2200:
2194:
2193:
2191:
2189:
2173:
2165:
2159:
2158:
2156:
2154:
2144:
2136:
2127:
2126:
2124:
2122:
2110:
2104:
2103:
2101:
2099:
2082:
2076:
2075:
2073:
2071:
2053:
2047:
2046:
2030:
2017:
2011:
2010:
2008:
2006:
1990:
1982:
1976:
1970:
1964:
1963:
1961:
1959:
1953:
1948:. Archived from
1935:
1929:
1918:
1912:
1909:
1903:
1902:
1900:
1898:
1893:on 24 March 2011
1892:
1886:. Archived from
1881:
1872:
1866:
1865:
1837:
1822:
1819:
1813:
1812:
1810:
1808:
1793:
1787:
1772:
1766:
1765:
1747:
1741:
1740:
1696:
1690:
1689:
1660:
1647:
1646:
1630:
1618:
1612:
1611:
1609:
1607:
1602:on 2 August 2017
1601:
1595:. Archived from
1590:
1581:
1568:
1567:
1549:
1543:
1542:
1526:
1516:
1510:
1509:
1507:
1505:
1487:
1478:
1477:
1453:
1447:
1446:
1428:
1419:
1418:
1404:Lords of Finance
1398:
1392:
1391:
1389:
1387:
1366:
1360:
1359:
1357:
1355:
1350:on 18 April 2015
1346:. Archived from
1336:
1330:
1329:
1306:Michael C. Burda
1302:
1289:
1288:
1286:
1284:
1278:
1267:
1251:
1245:
1244:
1223:
1217:
1213:
1207:
1206:
1188:
1165:
1151:
1142:
1141:
1121:
1115:
1109:
1100:
1092:
1083:
1075:
1066:
1052:
1037:
1036:
1034:
1032:
1017:
1011:
997:
984:
983:
981:
979:
967:
961:
960:
950:
739:financial crisis
623:28 member states
617:as a project of
528:Tufts University
340:Jagdish Bhagwati
338:economists like
328:Mahathir Mohamad
242:Henry Morgenthau
217:Great Depression
177:Great Depression
165:Reich Flight Tax
101:capital accounts
57:economic liberal
20:Capital controls
3701:
3700:
3696:
3695:
3694:
3692:
3691:
3690:
3666:Monetary policy
3656:
3655:
3654:
3649:
3608:
3563:
3556:
3527:Capital control
3515:
3484:
3458:
3453:
3415:Wayback Machine
3387:Financial Times
3325:
3305:
3303:Further reading
3300:
3299:
3289:
3287:
3277:
3273:
3263:
3261:
3257:
3246:
3240:
3236:
3228:
3217:
3211:
3207:
3197:
3195:
3194:on 8 March 2016
3191:
3180:
3174:
3170:
3160:
3158:
3157:on 6 March 2016
3154:
3147:
3143:Anton Korinek.
3141:
3137:
3097:
3091:
3087:
3077:
3075:
3067:
3066:
3062:
3052:
3050:
3040:
3036:
3026:
3024:
3016:
3015:
3011:
2998:
2997:
2993:
2988:. 6 April 2015.
2978:
2977:
2973:
2965:
2959:
2955:
2945:
2943:
2935:
2934:
2930:
2918:
2916:
2907:
2906:
2886:
2882:
2867:
2863:
2853:
2851:
2843:
2842:
2838:
2826:
2822:
2814:
2810:
2798:
2794:
2787:
2783:
2773:Wayback Machine
2764:
2760:
2750:
2748:
2740:Financial Times
2729:
2725:
2715:
2713:
2705:Financial Times
2694:
2690:
2680:
2678:
2674:
2668:Bank of England
2663:
2657:
2653:
2643:
2641:
2629:
2625:
2615:
2613:
2603:
2599:
2589:
2587:
2579:Financial Times
2568:
2564:
2552:
2543:
2533:
2531:
2530:on 5 March 2016
2516:
2515:
2511:
2501:
2499:
2495:
2484:
2478:
2474:
2464:
2462:
2455:
2451:
2441:
2439:
2431:Financial Times
2417:
2413:
2403:
2401:
2392:
2391:
2387:
2377:
2375:
2367:
2366:
2362:
2352:
2350:
2342:Financial Times
2329:
2325:
2315:
2313:
2309:Financial Times
2300:
2299:
2295:
2285:
2283:
2271:
2267:
2257:
2255:
2247:Financial Times
2236:
2232:
2222:
2220:
2212:Financial Times
2201:
2197:
2187:
2185:
2177:Financial Times
2166:
2162:
2152:
2150:
2142:
2138:
2137:
2130:
2120:
2118:
2111:
2107:
2097:
2095:
2083:
2079:
2069:
2067:
2054:
2050:
2043:
2018:
2014:
2004:
2002:
1994:Financial Times
1983:
1979:
1971:
1967:
1957:
1955:
1945:Financial Times
1936:
1932:
1919:
1915:
1910:
1906:
1896:
1894:
1890:
1879:
1873:
1869:
1862:
1842:"Globalisation"
1838:
1825:
1820:
1816:
1806:
1804:
1794:
1790:
1773:
1769:
1762:
1748:
1744:
1721:
1697:
1693:
1686:
1664:Carmen Reinhart
1661:
1650:
1643:
1619:
1615:
1605:
1603:
1599:
1588:
1582:
1571:
1564:
1550:
1546:
1539:
1517:
1513:
1503:
1501:
1493:(11 May 2010).
1488:
1481:
1474:
1454:
1450:
1443:
1429:
1422:
1415:
1399:
1395:
1385:
1383:
1368:
1367:
1363:
1353:
1351:
1338:
1337:
1333:
1326:
1303:
1292:
1282:
1280:
1279:on 13 July 2010
1276:
1265:
1255:Carmen Reinhart
1252:
1248:
1241:
1224:
1220:
1214:
1210:
1203:
1189:
1168:
1152:
1145:
1138:
1122:
1118:
1110:
1103:
1096:Financial Times
1093:
1086:
1076:
1069:
1053:
1040:
1030:
1028:
1018:
1014:
998:
987:
977:
975:
968:
964:
951:
947:
942:
937:
893:
853:
812:
776:"Four Freedoms"
751:
726:
710:
705:
692:
686:
667:
646:
602:
597:
576:monetary policy
564:
516:Financial Times
511:Bank of England
494:Joseph Stiglitz
418:Financial Times
377:Great Recession
358:Great Recession
354:
296:
283:Carmen Reinhart
253:Milton Friedman
240:, and his boss
234:capital account
229:current account
201:
181:war reparations
161:interwar period
140:
131:
129:Pre-World War I
126:
109:emerging market
32:capital account
28:capital markets
17:
12:
11:
5:
3699:
3689:
3688:
3683:
3678:
3676:Price controls
3673:
3668:
3651:
3650:
3648:
3647:
3642:
3637:
3632:
3627:
3622:
3616:
3614:
3610:
3609:
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3599:
3594:
3589:
3584:
3574:
3568:
3566:
3558:
3557:
3555:
3554:
3549:
3544:
3542:Money creation
3539:
3537:Interest rates
3534:
3529:
3523:
3521:
3520:Implementation
3517:
3516:
3514:
3513:
3508:
3503:
3498:
3492:
3490:
3486:
3485:
3483:
3482:
3477:
3472:
3466:
3464:
3460:
3459:
3452:
3451:
3444:
3437:
3429:
3423:
3422:
3404:
3393:
3384:
3373:
3364:
3351:
3346:James Oliver,
3344:
3324:
3323:External links
3321:
3320:
3319:
3312:
3304:
3301:
3298:
3297:
3279:Heakal, Reem.
3271:
3234:
3205:
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3135:
3085:
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3034:
3009:
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2919:|journal=
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2411:
2400:9 October 2010
2398:Bloomberg L.P.
2385:
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2323:
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2128:
2105:
2077:
2048:
2041:
2012:
1977:
1965:
1930:
1913:
1904:
1867:
1860:
1823:
1814:
1788:
1767:
1760:
1742:
1719:
1691:
1684:
1668:Kenneth Rogoff
1648:
1641:
1613:
1569:
1562:
1544:
1537:
1511:
1479:
1472:
1448:
1441:
1420:
1413:
1393:
1361:
1331:
1324:
1290:
1259:Kenneth Rogoff
1246:
1239:
1218:
1208:
1201:
1166:
1143:
1136:
1116:
1101:
1084:
1067:
1038:
1012:
985:
962:
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837:
831:
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825:
822:
819:
811:
808:
750:
747:
725:
722:
709:
706:
704:
701:
688:Main article:
685:
682:
666:
663:
645:
642:
619:European Union
601:
598:
596:
593:
563:
560:
472:, Russia, and
441:, Brazil, and
353:
350:
308:social-liberal
295:
292:
287:Kenneth Rogoff
265:Eric Helleiner
247:Following the
200:
197:
179:and the harsh
139:
136:
130:
127:
125:
122:
68:(IMF) and the
15:
9:
6:
4:
3:
2:
3698:
3687:
3684:
3682:
3681:Protectionism
3679:
3677:
3674:
3672:
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3667:
3664:
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3661:
3646:
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3611:
3603:
3600:
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3585:
3583:
3580:
3579:
3578:
3575:
3573:
3570:
3569:
3567:
3565:
3562:Bretton Woods
3559:
3553:
3550:
3548:
3545:
3543:
3540:
3538:
3535:
3533:
3532:Discount rate
3530:
3528:
3525:
3524:
3522:
3518:
3512:
3511:Basel Accords
3509:
3507:
3504:
3502:
3499:
3497:
3494:
3493:
3491:
3487:
3481:
3478:
3476:
3473:
3471:
3468:
3467:
3465:
3461:
3457:
3456:Central banks
3450:
3445:
3443:
3438:
3436:
3431:
3430:
3427:
3420:
3416:
3412:
3409:
3405:
3402:
3398:
3394:
3392:
3388:
3385:
3382:
3378:
3374:
3371:
3370:
3366:Bryan Balin,
3365:
3363:
3359:
3355:
3352:
3349:
3345:
3342:
3340:
3335:
3331:
3327:
3326:
3317:
3313:
3310:
3307:
3306:
3286:
3282:
3275:
3256:
3252:
3245:
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3216:
3209:
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3179:
3172:
3153:
3146:
3139:
3131:
3127:
3123:
3119:
3115:
3111:
3108:(1): 75–102.
3107:
3103:
3096:
3089:
3074:
3070:
3064:
3049:
3045:
3038:
3023:
3019:
3013:
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2995:
2987:
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2938:
2932:
2924:
2911:
2903:
2899:
2895:
2891:
2884:
2877:(4): 110–128.
2876:
2872:
2865:
2850:
2846:
2840:
2834:), April 2012
2833:
2829:
2824:
2817:
2812:
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2796:
2790:
2785:
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2627:
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2608:
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2524:
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2437:
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2093:
2088:
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2000:
1996:
1995:
1989:
1981:
1974:
1969:
1952:
1947:
1946:
1941:
1934:
1928:
1924:
1923:
1922:The Economist
1917:
1908:
1889:
1885:
1878:
1871:
1863:
1861:1-86197-348-9
1857:
1853:
1849:
1848:
1847:The Economist
1843:
1836:
1834:
1832:
1830:
1828:
1818:
1803:
1799:
1792:
1785:
1781:
1777:
1771:
1763:
1761:0-7528-2070-2
1757:
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1642:9780801890482
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1576:
1574:
1565:
1563:0-8014-8333-6
1559:
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1538:0-273-68306-3
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1500:
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1475:
1469:
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1442:0-13-206988-1
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1427:
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1397:
1381:
1377:
1376:
1371:
1365:
1349:
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1325:0-19-926496-1
1321:
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1313:
1312:
1307:
1301:
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1250:
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1222:
1212:
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1202:0-19-926584-4
1198:
1194:
1187:
1185:
1183:
1181:
1179:
1177:
1175:
1173:
1171:
1163:
1160:, SDN/12/10.
1159:
1155:
1150:
1148:
1139:
1133:
1129:
1128:
1120:
1113:
1112:The Economist
1108:
1106:
1098:
1097:
1091:
1089:
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1080:
1079:The Economist
1074:
1072:
1064:
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931:
929:
926:
924:
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916:
914:
911:
909:
906:
904:
903:Price control
901:
899:
896:
895:
885:
880:
876:
873:
869:
865:
862:
858:
857:
856:
845:
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801:
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781:
777:
773:
764:
760:
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746:
744:
740:
736:
731:
721:
719:
715:
712:In 2013, the
700:
697:
691:
681:
679:
675:
671:
662:
659:
658:Jon Steinsson
655:
651:
641:
639:
634:
632:
628:
624:
620:
616:
611:
607:
592:
590:
586:
581:
580:Bretton Woods
577:
573:
569:
559:
556:
552:
550:
546:
542:
538:
534:
529:
524:
522:
517:
512:
508:
502:
500:
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479:
475:
471:
467:
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459:
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436:
432:
428:
424:
420:
419:
413:
408:
406:
405:London summit
402:
398:
394:
390:
389:time deposits
386:
382:
378:
373:
371:
367:
363:
359:
349:
347:
346:
345:The Economist
341:
337:
336:globalization
333:
329:
325:
321:
316:
313:
312:neoliberalism
309:
305:
302:in favour of
301:
291:
288:
284:
280:
279:
274:
269:
266:
262:
258:
254:
250:
245:
243:
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230:
226:
222:
218:
214:
205:
196:
194:
190:
186:
182:
178:
174:
170:
166:
162:
157:
153:
149:
145:
135:
121:
119:
115:
110:
106:
102:
98:
97:capital flows
94:
90:
86:
82:
77:
75:
71:
67:
62:
58:
54:
50:
45:
40:
35:
33:
29:
25:
21:
3526:
3386:
3383:, April 2010
3368:
3354:Ethan Kaplan
3337:
3315:
3308:
3288:. Retrieved
3285:Investopedia
3274:
3262:. Retrieved
3255:the original
3237:
3226:the original
3221:
3208:
3196:. Retrieved
3189:the original
3171:
3159:. Retrieved
3152:the original
3138:
3105:
3101:
3088:
3076:. Retrieved
3072:
3063:
3051:. Retrieved
3047:
3037:
3025:. Retrieved
3021:
3012:
3003:
2994:
2983:
2974:
2956:
2944:. Retrieved
2940:
2931:
2910:cite journal
2883:
2874:
2864:
2852:. Retrieved
2848:
2839:
2823:
2811:
2806:), June 2012
2795:
2784:
2761:
2749:. Retrieved
2738:
2726:
2714:. Retrieved
2703:
2691:
2679:. Retrieved
2672:the original
2654:
2642:. Retrieved
2638:The Guardian
2636:
2626:
2614:. Retrieved
2600:
2588:. Retrieved
2577:
2565:
2557:
2532:. Retrieved
2528:the original
2521:
2512:
2502:28 September
2500:. Retrieved
2493:the original
2488:
2475:
2463:. Retrieved
2452:
2440:. Retrieved
2429:
2414:
2402:. Retrieved
2388:
2376:. Retrieved
2373:George Soros
2372:
2363:
2351:. Retrieved
2340:
2334:
2326:
2316:29 September
2314:. Retrieved
2307:
2302:
2296:
2286:29 September
2284:. Retrieved
2278:
2268:
2256:. Retrieved
2245:
2233:
2221:. Retrieved
2210:
2198:
2186:. Retrieved
2175:
2163:
2151:. Retrieved
2119:. Retrieved
2108:
2096:. Retrieved
2092:The Guardian
2090:
2080:
2068:. Retrieved
2051:
2026:
2015:
2003:. Retrieved
1992:
1980:
1968:
1956:. Retrieved
1951:the original
1943:
1933:
1920:
1916:
1907:
1895:. Retrieved
1888:the original
1870:
1845:
1817:
1805:. Retrieved
1791:
1770:
1751:
1745:
1701:
1694:
1675:
1671:
1632:
1625:
1616:
1604:. Retrieved
1597:the original
1553:
1547:
1522:
1514:
1502:. Retrieved
1458:
1451:
1432:
1403:
1396:
1384:. Retrieved
1380:the original
1373:
1364:
1352:. Retrieved
1348:the original
1343:
1334:
1310:
1281:. Retrieved
1274:the original
1249:
1230:
1221:
1211:
1192:
1126:
1119:
1111:
1094:
1077:
1029:. Retrieved
1025:
1015:
976:. Retrieved
965:
955:
948:
884:original sin
854:
813:
804:
792:
768:
742:
734:
727:
720:stabilised.
718:Indian rupee
711:
708:India (2013)
693:
668:
656:, economist
647:
635:
603:
565:
557:
553:
525:
515:
503:
499:Tim Geithner
490:
482:George Soros
480:, financier
478:currency war
470:South Africa
450:carry trades
447:
416:
409:
374:
355:
343:
317:
310:paradigm to
297:
276:
270:
246:
210:
193:antisemitism
189:Jews fleeing
151:
141:
132:
78:
36:
19:
18:
3358:Dani Rodrik
3290:11 December
3264:15 December
3078:8 September
3053:19 February
3027:19 February
2854:23 December
2716:20 December
2681:15 December
2644:15 December
2465:15 December
2442:15 December
2378:10 February
2121:15 December
2057:Dani Rodrik
2005:15 December
1850:. pp.
1807:7 September
1729:j.ctvd58rxg
1491:Dani Rodrik
1464:6–15, 72–81
1216:economists.
872:Dani Rodrik
533:Ila Patnaik
435:South Korea
360:led to the
304:free-market
261:Dani Rodrik
148:Great Crash
144:World War I
61:free-market
3660:Categories
3161:9 December
2751:17 January
2404:14 October
2353:14 October
2153:4 December
1958:23 January
1354:12 October
694:Since the
427:World Bank
397:Paul Mason
257:Eurodollar
91:, and the
70:World Bank
3122:2041-417X
1737:240840930
1026:VoxEU.org
802:periods.
796:Argentina
763:Hong Kong
537:Ajay Shah
431:Indonesia
44:Tobin tax
3489:Policies
3411:Archived
3130:44648892
2985:BBC News
2769:Archived
2745:Archived
2710:Archived
2616:16 April
2590:16 April
2584:Archived
2461:. Vox EU
2436:Archived
2347:Archived
2252:Archived
2217:Archived
2182:Archived
2023:(2010).
1999:Archived
1670:(2010).
1031:28 March
891:See also
840:Computer
780:Eurozone
778:and the
627:Eurozone
589:floating
466:Colombia
425:and the
324:Malaysia
163:was the
3389:(2011)
3360:(2001)
3198:12 July
2902:2575654
2534:24 June
2523:Reuters
2033:196–199
1925:(2003)
1852:286–290
1606:24 June
1270:Harvard
978:2 April
784:tariffs
743:ex-ante
735:ex-ante
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