In February 2010, a Discussion Note from the IMF acknowledged that capital controls have a place among the instruments governments can use when faced with large capital inflows. This is a decisive change of tack on one of the most controversial issues in the history of the IMF. In any event, it is the result of shockwaves from the global financial crisis and the need for regulation that this crisis produced. Significantly, an official Fund document released on 5 April 2011 proposes a new classification of ‘capital flow management’ instruments, where capital controls are depicted less as barriers to international movements than as specific regulatory tools.

 Keywords : Capital Controls | IMF | Emerging Countries | Finance | G20

 JEL : F33, F13, F50

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