In a world where economic logic ruled, restrictions on the use of capital controls would not find their way into trade agreements. But they have.
More than 250 economists (including yours truly) have now signed a letter that tries to reverse the tide. It concludes thus:
“We recommend that future U.S. FTAs and BITs permit governments to deploy capital controls withou being subject to investor claims, as part of a broader menu of policy options to prevent and mitigate financial crises.”
The letter is addressed to Hillary Clinton, Tim Geithner, and Ron Kirk. Here is the letter and the list of signatories.
I was delighted to see this letter. It's overdue by about a decade IMHO.
We're a long way from the old counter-productive attempts by LDCs to stem capital flight. The option to use controls to put a bit of sand in the gears needs to be part of the emerging markets tool kit. Controls can mitigate the deleterious effects of hot money swings and increase the latitude for emerging markets governments to use macro policy for domestic economic policy objectives without being defeated by capital flows.
The "consensus" among Very Serious People on outlawing capital controls has been "market fundamentalism" at its unthinking worst. And any attempts to argue against it were simply dismissed as foolish ignorance. Now we've got an all-star list of economists saying we weren't ignorant fools after all. Hooray!
Thank you, thank you. And keep fighting the good fight!
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