The End of an Era in Finance

In the world of economics and finance, revolutions occur rarely and are often detected only in hindsight. But what happened on February 19 can safely be called the end of an era in global finance.

On that day, the International Monetary Fund published a policy note that reversed its long-held position on capital controls. Taxes and other restrictions on capital inflows, the IMF’s economists wrote, can be helpful, and they constitute a “legitimate part” of policymakers’ toolkit.

Read the rest of my Project Syndicate column here.

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Welcome back! It is pleasure reading this blog. It is an interesting piece, which illustrates the penetration of reason over idoelogy in the dismal science. It seems to me capital control is a step in the right direction but could be as harmful as full capital liberalization if the control isn't smartly designed.

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