Controls cannot curb currency appreciation
The recent re-imposition of a financial transactions tax in Brazil as a means to stave off the real's steep appreciation against the dollar has led to renewed press speculation about capital controls.
What Brazil has done is nothing new. Rather, capital-account liberalisation is a relatively recent phenomenon. Most advanced economies accepted the imposition of capital controls as mainstream practice at least until the 1990s. The United States has maintained relatively open capital accounts but
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