•  All these illustrations suggest that there is need to refine our understanding of the interlinkages and spillovers. (ii)  Capital Flows  •  The change in our world view on capital account management is by far one of the most remarkable intellectual shifts brought on by the crisis.
Consensus Dissolved •  In the pre-crisis period, there was consensus on several issues surrounding capital account. Those consensus views have now dissolved. (a)  Opening up of Capital Account  •  Pre-crisis: Consensus was that every country should move towards a fully free capital account. The only questions were about timing and sequencing. •  Now we are not so sure.