Report cautions on dangers of free capital flows

Dogmatic adherence to the doctrine of free capital flows is misguided and potentially dangerous, a new study from the Committee on the Global Financial System, a collective of central bankers from across the globe, warns.

The report, Capital flows and emerging-market economies, states that historical evidence, reinforced by the current global crisis, clearly showed that the free flow of capital could create new exposures and risks.

"The failure to analyse and understand such risks, excessive

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