Banxico deputy says capital controls 'multilaterally detrimental'
History shows restrictions have large enforceability problems – Ramos-Francia
Emerging markets that have implemented capital controls to stem volatile capital flows have "deflected" such flows towards economies with no controls in place, thereby creating political tension, Bank of Mexico deputy governor Manuel Ramos-Francia said at a conference in Cusco, Peru, on Tuesday.
"While, individually, capital controls might be sensible," Ramos-Francia said, "multilaterally, they might be detrimental". He added that historical evidence shows capital controls "have large
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