IMF advice on capital flows : how well is it supported by empirical evidence?
Gespeichert in:
| Autor*in: |
Montiel, Peter - 1951- [verfasserIn] |
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| Format: |
E-Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2022 |
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| Schlagwörter: |
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| Übergeordnetes Werk: |
Enthalten in: Journal of globalization and development - Berlin : De Gruyter, 2010, 13(2022), 1 vom: Juni, Seite 149-186 |
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| Übergeordnetes Werk: |
volume:13 ; year:2022 ; number:1 ; month:06 ; pages:149-186 |
| Links: |
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| DOI / URN: |
10.1515/jgd-2021-0030 |
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| Katalog-ID: |
1823035450 |
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| 982 | |2 26 |1 00 |x DE-206 |b The 1997-98 Asian financial crisis marked a turning point in the IMF's previously negative views on the usefulness of capital account restrictions, culminating eventually in the publication of the Fund's new Institutional View (IV) on the topic in 2012. The IV acknowledged that full capital account liberalization may not always be appropriate, accepted that new restrictions could at times have a useful role to play even in countries that had previously liberalized, and spelled out a specific set of circumstances under which the deploying of new restrictions could be justified as temporary measures in response to large capital flows. This paper documents the important role that empirical research, both by the profession at large as well as by the Fund's own staff, played in supporting the first two components of the IV. It argues, however, that, empirical support is lacking with respect to the third component of the IV: the conditions under which the deployment of temporary capital account restrictions may be desirable. The conditions stipulated under the IV, which have the effect of considerably restricting the scope of circumstances in which the use of restrictions may be appropriate, are not fully justified by empirical evidence or recent experience and are best understood simply as a vestige of the institution's pre-IV hostility to the use of restrictions. | ||
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10.1515/jgd-2021-0030 doi (DE-627)1823035450 (DE-599)KXP1823035450 DE-627 ger DE-627 rda eng Montiel, Peter 1951- verfasserin (DE-588)122247183 (DE-627)081827180 (DE-576)167240552 aut IMF advice on capital flows how well is it supported by empirical evidence? Peter J. Montiel 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier capital account restrictions (dpeaa)DE-206 empirical evidence (dpeaa)DE-206 IMF (dpeaa)DE-206 Enthalten in Journal of globalization and development Berlin : De Gruyter, 2010 13(2022), 1 vom: Juni, Seite 149-186 Online-Ressource (DE-627)617807760 (DE-600)2535320-2 (DE-576)318043130 1948-1837 nnns volume:13 year:2022 number:1 month:06 pages:149-186 https://www.degruyter.com/document/doi/10.1515/jgd-2021-0030/pdf Verlag lizenzpflichtig https://doi.org/10.1515/jgd-2021-0030 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_77 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_121 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_339 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2861 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4238 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 13 2022 1 6 149-186 26 01 0206 4216940676 x1z 21-11-22 26 00 DE-206 The 1997-98 Asian financial crisis marked a turning point in the IMF's previously negative views on the usefulness of capital account restrictions, culminating eventually in the publication of the Fund's new Institutional View (IV) on the topic in 2012. The IV acknowledged that full capital account liberalization may not always be appropriate, accepted that new restrictions could at times have a useful role to play even in countries that had previously liberalized, and spelled out a specific set of circumstances under which the deploying of new restrictions could be justified as temporary measures in response to large capital flows. This paper documents the important role that empirical research, both by the profession at large as well as by the Fund's own staff, played in supporting the first two components of the IV. It argues, however, that, empirical support is lacking with respect to the third component of the IV: the conditions under which the deployment of temporary capital account restrictions may be desirable. The conditions stipulated under the IV, which have the effect of considerably restricting the scope of circumstances in which the use of restrictions may be appropriate, are not fully justified by empirical evidence or recent experience and are best understood simply as a vestige of the institution's pre-IV hostility to the use of restrictions. |
| spelling |
10.1515/jgd-2021-0030 doi (DE-627)1823035450 (DE-599)KXP1823035450 DE-627 ger DE-627 rda eng Montiel, Peter 1951- verfasserin (DE-588)122247183 (DE-627)081827180 (DE-576)167240552 aut IMF advice on capital flows how well is it supported by empirical evidence? Peter J. Montiel 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier capital account restrictions (dpeaa)DE-206 empirical evidence (dpeaa)DE-206 IMF (dpeaa)DE-206 Enthalten in Journal of globalization and development Berlin : De Gruyter, 2010 13(2022), 1 vom: Juni, Seite 149-186 Online-Ressource (DE-627)617807760 (DE-600)2535320-2 (DE-576)318043130 1948-1837 nnns volume:13 year:2022 number:1 month:06 pages:149-186 https://www.degruyter.com/document/doi/10.1515/jgd-2021-0030/pdf Verlag lizenzpflichtig https://doi.org/10.1515/jgd-2021-0030 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_77 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_121 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_339 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2861 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4238 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 13 2022 1 6 149-186 26 01 0206 4216940676 x1z 21-11-22 26 00 DE-206 The 1997-98 Asian financial crisis marked a turning point in the IMF's previously negative views on the usefulness of capital account restrictions, culminating eventually in the publication of the Fund's new Institutional View (IV) on the topic in 2012. The IV acknowledged that full capital account liberalization may not always be appropriate, accepted that new restrictions could at times have a useful role to play even in countries that had previously liberalized, and spelled out a specific set of circumstances under which the deploying of new restrictions could be justified as temporary measures in response to large capital flows. This paper documents the important role that empirical research, both by the profession at large as well as by the Fund's own staff, played in supporting the first two components of the IV. It argues, however, that, empirical support is lacking with respect to the third component of the IV: the conditions under which the deployment of temporary capital account restrictions may be desirable. The conditions stipulated under the IV, which have the effect of considerably restricting the scope of circumstances in which the use of restrictions may be appropriate, are not fully justified by empirical evidence or recent experience and are best understood simply as a vestige of the institution's pre-IV hostility to the use of restrictions. |
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10.1515/jgd-2021-0030 doi (DE-627)1823035450 (DE-599)KXP1823035450 DE-627 ger DE-627 rda eng Montiel, Peter 1951- verfasserin (DE-588)122247183 (DE-627)081827180 (DE-576)167240552 aut IMF advice on capital flows how well is it supported by empirical evidence? Peter J. Montiel 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier capital account restrictions (dpeaa)DE-206 empirical evidence (dpeaa)DE-206 IMF (dpeaa)DE-206 Enthalten in Journal of globalization and development Berlin : De Gruyter, 2010 13(2022), 1 vom: Juni, Seite 149-186 Online-Ressource (DE-627)617807760 (DE-600)2535320-2 (DE-576)318043130 1948-1837 nnns volume:13 year:2022 number:1 month:06 pages:149-186 https://www.degruyter.com/document/doi/10.1515/jgd-2021-0030/pdf Verlag lizenzpflichtig https://doi.org/10.1515/jgd-2021-0030 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_77 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_121 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_339 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2861 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4238 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 13 2022 1 6 149-186 26 01 0206 4216940676 x1z 21-11-22 26 00 DE-206 The 1997-98 Asian financial crisis marked a turning point in the IMF's previously negative views on the usefulness of capital account restrictions, culminating eventually in the publication of the Fund's new Institutional View (IV) on the topic in 2012. The IV acknowledged that full capital account liberalization may not always be appropriate, accepted that new restrictions could at times have a useful role to play even in countries that had previously liberalized, and spelled out a specific set of circumstances under which the deploying of new restrictions could be justified as temporary measures in response to large capital flows. This paper documents the important role that empirical research, both by the profession at large as well as by the Fund's own staff, played in supporting the first two components of the IV. It argues, however, that, empirical support is lacking with respect to the third component of the IV: the conditions under which the deployment of temporary capital account restrictions may be desirable. The conditions stipulated under the IV, which have the effect of considerably restricting the scope of circumstances in which the use of restrictions may be appropriate, are not fully justified by empirical evidence or recent experience and are best understood simply as a vestige of the institution's pre-IV hostility to the use of restrictions. |
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10.1515/jgd-2021-0030 doi (DE-627)1823035450 (DE-599)KXP1823035450 DE-627 ger DE-627 rda eng Montiel, Peter 1951- verfasserin (DE-588)122247183 (DE-627)081827180 (DE-576)167240552 aut IMF advice on capital flows how well is it supported by empirical evidence? Peter J. Montiel 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier capital account restrictions (dpeaa)DE-206 empirical evidence (dpeaa)DE-206 IMF (dpeaa)DE-206 Enthalten in Journal of globalization and development Berlin : De Gruyter, 2010 13(2022), 1 vom: Juni, Seite 149-186 Online-Ressource (DE-627)617807760 (DE-600)2535320-2 (DE-576)318043130 1948-1837 nnns volume:13 year:2022 number:1 month:06 pages:149-186 https://www.degruyter.com/document/doi/10.1515/jgd-2021-0030/pdf Verlag lizenzpflichtig https://doi.org/10.1515/jgd-2021-0030 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_77 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_121 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_339 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2861 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4238 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 13 2022 1 6 149-186 26 01 0206 4216940676 x1z 21-11-22 26 00 DE-206 The 1997-98 Asian financial crisis marked a turning point in the IMF's previously negative views on the usefulness of capital account restrictions, culminating eventually in the publication of the Fund's new Institutional View (IV) on the topic in 2012. The IV acknowledged that full capital account liberalization may not always be appropriate, accepted that new restrictions could at times have a useful role to play even in countries that had previously liberalized, and spelled out a specific set of circumstances under which the deploying of new restrictions could be justified as temporary measures in response to large capital flows. This paper documents the important role that empirical research, both by the profession at large as well as by the Fund's own staff, played in supporting the first two components of the IV. It argues, however, that, empirical support is lacking with respect to the third component of the IV: the conditions under which the deployment of temporary capital account restrictions may be desirable. The conditions stipulated under the IV, which have the effect of considerably restricting the scope of circumstances in which the use of restrictions may be appropriate, are not fully justified by empirical evidence or recent experience and are best understood simply as a vestige of the institution's pre-IV hostility to the use of restrictions. |
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ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">13</subfield><subfield code="j">2022</subfield><subfield code="e">1</subfield><subfield code="c">6</subfield><subfield code="h">149-186</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4216940676</subfield><subfield code="y">x1z</subfield><subfield code="z">21-11-22</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">The 1997-98 Asian financial crisis marked a turning point in the IMF's previously negative views on the usefulness of capital account restrictions, culminating eventually in the publication of the Fund's new Institutional View (IV) on the topic in 2012. The IV acknowledged that full capital account liberalization may not always be appropriate, accepted that new restrictions could at times have a useful role to play even in countries that had previously liberalized, and spelled out a specific set of circumstances under which the deploying of new restrictions could be justified as temporary measures in response to large capital flows. This paper documents the important role that empirical research, both by the profession at large as well as by the Fund's own staff, played in supporting the first two components of the IV. It argues, however, that, empirical support is lacking with respect to the third component of the IV: the conditions under which the deployment of temporary capital account restrictions may be desirable. The conditions stipulated under the IV, which have the effect of considerably restricting the scope of circumstances in which the use of restrictions may be appropriate, are not fully justified by empirical evidence or recent experience and are best understood simply as a vestige of the institution's pre-IV hostility to the use of restrictions.</subfield></datafield></record></collection>
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26 00 DE-206 The 1997-98 Asian financial crisis marked a turning point in the IMF's previously negative views on the usefulness of capital account restrictions, culminating eventually in the publication of the Fund's new Institutional View (IV) on the topic in 2012. The IV acknowledged that full capital account liberalization may not always be appropriate, accepted that new restrictions could at times have a useful role to play even in countries that had previously liberalized, and spelled out a specific set of circumstances under which the deploying of new restrictions could be justified as temporary measures in response to large capital flows. This paper documents the important role that empirical research, both by the profession at large as well as by the Fund's own staff, played in supporting the first two components of the IV. It argues, however, that, empirical support is lacking with respect to the third component of the IV: the conditions under which the deployment of temporary capital account restrictions may be desirable. The conditions stipulated under the IV, which have the effect of considerably restricting the scope of circumstances in which the use of restrictions may be appropriate, are not fully justified by empirical evidence or recent experience and are best understood simply as a vestige of the institution's pre-IV hostility to the use of restrictions IMF advice on capital flows how well is it supported by empirical evidence? Peter J. Montiel capital account restrictions (dpeaa)DE-206 empirical evidence (dpeaa)DE-206 IMF (dpeaa)DE-206 |
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IMF advice on capital flows |
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ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">13</subfield><subfield code="j">2022</subfield><subfield code="e">1</subfield><subfield code="c">6</subfield><subfield code="h">149-186</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4216940676</subfield><subfield code="y">x1z</subfield><subfield code="z">21-11-22</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">The 1997-98 Asian financial crisis marked a turning point in the IMF's previously negative views on the usefulness of capital account restrictions, culminating eventually in the publication of the Fund's new Institutional View (IV) on the topic in 2012. The IV acknowledged that full capital account liberalization may not always be appropriate, accepted that new restrictions could at times have a useful role to play even in countries that had previously liberalized, and spelled out a specific set of circumstances under which the deploying of new restrictions could be justified as temporary measures in response to large capital flows. This paper documents the important role that empirical research, both by the profession at large as well as by the Fund's own staff, played in supporting the first two components of the IV. It argues, however, that, empirical support is lacking with respect to the third component of the IV: the conditions under which the deployment of temporary capital account restrictions may be desirable. The conditions stipulated under the IV, which have the effect of considerably restricting the scope of circumstances in which the use of restrictions may be appropriate, are not fully justified by empirical evidence or recent experience and are best understood simply as a vestige of the institution's pre-IV hostility to the use of restrictions.</subfield></datafield></record></collection>
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| score |
7.400983 |