BoE working paper investigates capital controls

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In a paper titled Reform of the International Monetary and Financial System, Oliver Bush, Katie Farrant and Michelle Wright set out three objectives for a well-functioning international monetary and financial system.

The criteria are internal balance, allocative efficiency and financial stability. The international system has functioned under a number of different regimes over the past 150 years and each has placed different weights on these three objectives. The key failure has been the system

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