This applies to the capital inflows which emerging markets are experiencing as a result of ultra-loose monetary conditions in the rich world. Officials such as Guido Mantega, Brazil’s finance minister, believe that capital controls are an effective way to respond to a “currency war. But these measures – which have a dangerously protectionist echo – have proved ineffective in the past.

这一结论适用于新兴市场经济体目前面对的、由富裕世界超宽松货币环境导致的资本流入。巴西财长吉多·曼特加(Guido Mantega)等官员相信，资本管制是应对“汇率战争的有效方式。但以往的事实已经证明，这些带有危险的保护主义色彩的措施是无效的。

Ultimately, countries should not turn their back on financial liberalisation. Foreign capital can foster competition in the financial sector and expand the availability of credit for both consumers and business. Governments should use controls, but only as a temporary shield while they implement useful reforms such as strengthening their banks and deepening their capital markets.

最后要指出的是，各国不应对金融自由化说不。外国资本可以促进金融领域的竞争，让消费者和企业都能更容易地获得信贷。各国政府应该采取资本管制，但只应将其用作临时屏障，与此同时，它们还应实施有用的改革，比如增强银行实力和扩大资本市场容量。

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