Regulating Global Capital Flows
Task Force on Regulating Global Capital Flows for Long-Run Development
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This report posits that there is a clear rationale for capital account regulations (CARs) in the wake of the financial crisis, that the design and monitoring of such regulations is essential for their effectiveness, and that a limited amount of global and regional cooperation would be useful to ensure that CARs can form an effective part of the macroeconomic policy toolkit. The protocol for deploying capital account regulations in developing countries that is put forth in this report stands in stark contrast to a set of guidelines for the use of capital controls endorsed by the board of the International Monetary Fund (IMF) in March 2011.
Our hope is that this Task Force Report will help enable the IMF to embark on efforts to help nations design and monitor capital regulations, and to convene nations to unravel the myriad trade and investment treaties that make it more difficult for nations to effectively regulate cross-border capital flows.
The report is from the Task Force on Regulating Global Capital Flows for Long-Run Development, a group of scholars and policy makers engaged committed to preventing and mitigating financial crises in the developing world. The Task Force is sponsored by The Global Economic Governance Initiative (GEGI) at Boston University’s Pardee Center for the Study of the Longer-Range Future. The Task Force is co-sponsored by the Initiative for Policy Dialogue (IPD) at Columbia University and the Global Development and Environment Institute at Tufts University.
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Opinion Articles & Policy Briefs:
Historic Moment for the IMF, Kevin Gallagher, Stephany Griffith-Jones, and Jose Ocampo, Financial Times, May 29, 2012
Cross-border financial regulation is justified now more than ever, by Kevin P. Gallagher, Poverty Matters Blog from The Guardian, April 19, 2012
Close the flood gates of speculative capital flows, by Kevin P. Gallagher, Al Jazeera, April 11, 2012.
Regulating Global Capital Flows for Development, by Kevin P. Gallagher, United Nations G-24, Policy Brief No. 68, April 7, 2012
At 65, the IMF is changing - for the better, by Kevin P. Gallagher, Al Jazeera, March 12, 2012.
Taming the liquidity tide, by Kevin P. Gallagher, Financial Times, March 9, 2012.
PolicyTalk: International Economic Development and Speculative Capital Flows
GDAE's Kevin Gallagher discusses speculative capital flows in developing countries and the need for the G20 and International Monetary Fund to allow countries to regulate capital in order to prevent asset bubbles, currency appreciation and layoffs in the developing world. (April 23, 2012)
Read more on GDAE’s work on capital flows and development, including a second Task Force report.
See IPD’s work on capital flows.
The Global Development and Environment Institute’s Globalization and Sustainable Development Program examines the economic, social and environmental impacts of economic integration in developing countries, with a particular emphasis on the WTO and NAFTA's lessons for trade and development policy. The goal of the program is to identify policies and international agreements that foster sustainable development.