In the wake of the global financial crisis and in the absence of global cooperation, it has become increasingly apparent that national governments need regulations to manage the flow of speculative capital to avoid disrupting their long-term development prospects. The International Monetary Fund, the G-20, academics and numerous countries have begun to advocate for the use of capital controls to stem currency appreciation and asset bubbles, and to allow nations to pursue independent monetary policies.
On April 19, Global Economy and Development at Brookings hosted a discussion on a new report from the Pardee Center Task Force at Boston University titled Regulating Global Capital Flows for Long-Run Development. Led by the report’s co-chairs, Kevin Gallagher from Boston University, and Columbia University’s Stephany Griffith-Jones and Jose Antonio Ocampo, the discussion examined the extent to which capital controls are useful for emerging markets attempting to prevent and mitigate financial crises. Vice President Kemal Dervis, director of Global Economy and Development, moderated the discussion.
After the program, the panelists will take audience questions.