Controlling cross-border capital flows

By Jose Antonio Ocampo, Kevin P. Gallagher, and Stephany Griffith-Jones

NEW YORK ― Capital-account regulations have been at the center of global financial debates for two years.

The reasons are clear: since the world has experienced a “multi-speed recovery,” as the International Monetary Fund puts it, slow-growth advanced countries are maintaining very low interest rates and other expansionary monetary