As far as intellectual shifts go, the U-turn by the International Monetary Fund on capital controls is remarkable. In the 1990s, the IMF came close to including the promotion of capital account liberalisation in its rule book. On Monday, after a thorough three-year review, the fund has accepted institutionally that direct controls can play a useful role in calming volatile, international capital flows.
国际货币基金组织(IMF)对资本管制立场的180度大转弯,称得上是一次非同寻常的思想转变。上世纪90年,IMF差点把推动资本账户放开纳入其规章。经过三年的全面评估之后,IMF本周一终于从制度层面上承认,直接资本管制可在缓和不稳定的国际资本流动方面发挥积极作用。
The past two decades of financial history show that the IMF is right to rethink its policy. Hasty liberalisations of the capital account were one of the reasons behind the Asian crisis of the late 1990s. Meanwhile, an array of controls has helped China to avoid a financial meltdown, contributing to its impressive growth record. Recent research by the IMF has shown that those nations that used capital controls were among the least hard-hit during the 2007 crisis.
过去二十年的金融历史表明,IMF对其政策做出反思是正确的。资本账户仓促放开是上世纪90年代末亚洲金融危机的起因之一。与此同时,一系列管制措施帮助中国避免了金融崩溃,帮助其实现了令人瞩目的增长。IMF最近的研究表明,2007年金融危机期间,那些实施资本管制的国家受冲击程度最轻。
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