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Reforming the International Financial System for Development$
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Jomo Kwame Sundaram

Print publication date: 2011

Print ISBN-13: 9780231157643

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231157643.001.0001

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Should Financial Flows Be Regulated? Yes

Should Financial Flows Be Regulated? Yes

Chapter:
(p.194) 8 Should Financial Flows Be Regulated? Yes
Source:
Reforming the International Financial System for Development
Author(s):

Gerald Epstein

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231157643.003.0008

This chapter argues that policies to better manage international capital flows should be part of the government “toolkits” of monetary and financial policy in facing the difficult challenges arising from the global financial crisis. It first discusses the economic arguments for and against using capital controls, prudential regulations, and other “capital management techniques” to manage international financial flows. It then reviews empirical evidence on the impacts of such measures and the types of controls that governments can use to manage international capital flows, along with the costs, benefits, and effectiveness of different types of controls. It also considers the different policies countries have successfully implemented to achieve macroeconomic and financial stability, enhance policy space, and achieve other national development goals.

Keywords:   capital flows, monetary policy, financial policy, financial crisis, capital controls, prudential regulation, capital management techniques, financial flows, financial stability

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