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Ruling CapitalEmerging Markets and the Reregulation of Cross-Border Finance$
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Kevin P. Gallagher

Print publication date: 2014

Print ISBN-13: 9780801453113

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801453113.001.0001

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Ruling Capital

Ruling Capital

The New International Monetary Fund View of the Capital Account

(p.124) 6 Ruling Capital
Ruling Capital

Kevin P. Gallagher

Cornell University Press

This chapter describes the changes in the International Monetary Fund (IMF) both in theory and in practice. The IMF embraced a 2012 new institutional view that endorsed the reregulation of cross-border finance under certain circumstances It acknowledged that the case for the free movement of capital rests on a much weaker intellectual foundation than does the case for free trade. In addition, the IMF became officially tasked with making recommendations on the management of capital flows under its surveillance functions. As of 2013, staff members are required to give warning concerning capital account liberalization and to prescribe capital flow management measures (CFMs)—the new IMF term for capital account regulations.

Keywords:   International Monetary Fund, cross-border finance, free trade, capital flows, capital flow management measures

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