As liberalisation advances, the control-regime would contract, and thus, it is the changing mix of controls that charecterises the process of liberalisation in management of capital account. BIS Review 40/2004  1  Eighth, capital controls may be price based, including tax-regimes, or administrative measures. Depending on the legal framework and governance structures, the mix between the two would vary.
As liberalisation advances, the administrative measures would get reduced and price-based increased, but the freedom to change the mix and reimpose controls should always be demonstrably available. Such freedom to exercise the policy of controls adds comfort to the markets at times of grave uncertainity.