دانلود رایگان مقاله تنظیم جریان سرمایه در بازارهای نوظهور

Abstract

In the wake of the financial crisis the International Monetary Fund (IMF) began to publicly express support for what have traditionally been referred to as ‘capital controls’. This paper empirically examines the extent to which the change in IMF discourse on these matters has resulted in significant changes in actual IMF policy advice. By creating and analyzing a database of IMF Article IV reports, we examine whether the financial crisis had an independent impact on IMF support for capital controls. We find that the IMF’s level of support for capital controls has increased as a result of the crisis and as the vulnerabilities associated with capital flows accentuate.

6. Summary and conclusions

This paper sought to add to the existing literature on the IMF and the capital account by econometrically testing whether the financial crisis was linked to a change in IMF policy advice on these matters. The IMF underwent a significant re-evaluation of its policy on capital account liberalization and the role of capital controls in the wake of the global financial crisis. Previous work has shown that this shift in thinking at the IMF, albeit an incremental one, was due to a number of factors (Chwieroth, 2010; Gallagher, 2014). This paper addsto that literature and findsthat not only has the IMF changed what its view on capital flows, there is also evidence that the IMF has also changed its actual behavior on these matters as a result of the crisis.