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Managing Capital Flows: Theoretical Advances and IMF Policy Frameworks

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  • Korinek Anton

    (Department of Economics and Darden School of Business, University of Virginia, Charlottesville, VA, USA)

Abstract

We analyze recent theoretical advances in the area of capital flow management and compare them with the IMF’s policy frameworks in the area, as laid out in the IMF’s Institutional View and related documents. Although the Institutional View represented an important leap forward, we discuss several tensions with the academic literature. We also emphasize the important role that the IMF guidance could play in building a better set of policy instruments to deal with volatile capital flows. More broadly, individual countries need sufficient policy space to pursue their individual welfare objectives. Finally, we propose how to strengthen the IMF’s analytical framework for international spillovers.

Suggested Citation

  • Korinek Anton, 2022. "Managing Capital Flows: Theoretical Advances and IMF Policy Frameworks," Journal of Globalization and Development, De Gruyter, vol. 13(1), pages 91-122, June.
    • Handle: RePEc:bpj:globdv:v:13:y:2022:i:1:p:91-122:n:1
    DOI: 10.1515/jgd-2021-0031
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    Cited by:

    1. Chari, Anusha & Henry, Peter Blair & Moussa, Racha, 2022. "Do finite horizons matter? The welfare consequences of capital account liberalization," Economic Modelling, Elsevier, vol. 114(C).

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