What Are Capital Controls?

By Kavaljit Singh | Policy Brief # 1 | January 2, 2019

Capital controls are back in fashion. In the aftermath of the 2008 global financial crisis, there is a renewed interest in capital controls as useful policy tools to prevent or mitigate financial crises. It is increasingly being acknowledged in policy circles that capital controls could insulate the domestic economy from volatile capital flows, due to the limited effectiveness of other policy measures (such as sterilization of capital flows and accumulation of foreign reserves). As many complexities are surrounding the issue of capital controls, the first policy brief explains what are capital controls, their different types and their usage in many countries in recent decades.

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