But that orthodoxy has now changed, and a more flexible and open-minded approach is gaining ground. For example, the April 2010 Global Financial Stability Report of the IMF says, “there are a number of different types of controls that can be imposed with varying degrees of success under different country circumstances. Overall, the message is that one size does not fit all.
Since the use of capital controls is advisable only to deal with temporary inflows, in particular those generated by external factors, they can be useful even if their effectiveness diminishes over time.” There is a need to follow up this revised world view with research.