As regards a Tobin type tax, we have not so far imposed nor are we contemplating one. However, it needs reiterating that no policy instrument is clearly off the table and our choice of instruments will be determined by the context. 1  Ostry, Jonathan D. and Others (2010), “Capital Inflows: The Role of Controls”, IMF Staff Position Note, SPN/10/04, February 19, 2010.
BIS Review 66/2010  3  16. Among the components of capital flows, we prefer long term flows to short-term flows and non-debt flows to debt flows. The logic for that is self-evident.