Emerging market governors back targeted capital controls

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Capital controls may be needed to mitigate the effects of a “new normal” in capital flows, according to central bank governors speaking on a panel at the International Monetary Fund World Bank Group annual meetings.

Average capital flows into emerging economies doubled in the most recent decade relative to the last two, said Ravi Menon, managing director of the Monetary Authority of Singapore. “They have averaged 4.5% of GDP, peaking at 10% in 2007,” he said.

The capital flow cycle is tightly

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