Contesting the Governance of Capital Flows at the IMF |
| |
| Authors: | Kevin P. Gallagher |
| |
| Affiliation: | Boston University |
| |
| Abstract: | Financial crises can trigger different actors to reassess their ideas, interests, and policies, and sometimes change them. The Global Financial Crisis triggered a reassessment at the International Monetary Fund (IMF) regarding the utility of capital account liberalization and the management of capital flows. In 2010, the IMF embarked upon an official reassessment of these issues and in 2012 published an official “institutional view” on capital account liberalization and managing capital flows that gives more caution toward capital account liberalization and endorses the use of capital controls in certain circumstances. This article traces the political process that yielded the IMF's new view and draws out lessons for thinking about policy change in global economic governance institutions. |
| |
| Keywords: | |
|
|
