Kevin Gallagher Publishes Op-Ed in The Guardian on Capital Controls
Kevin Gallager, Pardee Faculty Fellow and Associate Professor of international relations at Boston University, published an op-ed on developing countries use of capital controls in The Guardian (November 29, 2011). In the op-ed, titled “The IMF Must Heed G20 Decisions,” Prof. Gallagher argues: “The IMF should not ignore the G20′s direction on capital flows. Rather than pushing ahead on a globally enforceable code of conduct that could eventually lead to capital account liberalisation across the globe, the IMF should instead work to reduce the stigma attached to capital controls, protect countries’ ability to deploy them, and help nations police investors who evade regulation. G20 finance ministers, central bankers and heads of state have endorsed the use of capital controls by emerging markets, and on their own terms. The IMF should not pick and choose which directions by world leaders it will follow.”
Prof. Gallagher, in collaboration with José Antonio Ocampo and Stephany Griffith-Jones of the Initiative for Policy Dialogue (IPD) at Columbia University, convened a task force on “Managing Capital Flows for Long-Run Development” on behalf of the Pardee Center on September 16, 2011. For more information about the task force, visit here. They also published a Pardee Issues in Brief paper titled Capital Account Regulations for Stability and Development: A New Approach. To download the issue brief, visit here.