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I was delighted to see this letter. It's overdue by about a decade IMHO. We're a long way from the old counter-productive attempts by LDCs to stem capital flight. The option to use controls to put a bit of sand in the gears needs to be part of the emerging markets tool kit. Controls can mitigate the deleterious effects of hot money swings and increase the latitude for emerging markets governments to use macro policy for domestic economic policy objectives without being defeated by capital flows. The "consensus" among Very Serious People on outlawing capital controls has been "market fundamentalism" at its unthinking worst. And any attempts to argue against it were simply dismissed as foolish ignorance. Now we've got an all-star list of economists saying we weren't ignorant fools after all. Hooray! Thank you, thank you. And keep fighting the good fight!
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Apr 15, 2010