RBI’s Subbarao weighs merits of new consensus on capital controls

subbarao-reservebankofindia

The financial crisis has shifted the consensus on the use of capital controls as a stabilisation tool, but implementing them is still a complicated matter, according to Duvvuri Subbarao, governor of the Reserve Bank of India.

Speaking at an IMF conference in Washington, Subbarao said the received wisdom now was that capital controls were "not only appropriate, but even desirable, in certain circumstances". However, the matter was still open to debate, he said, as different types of controls

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