In fact, the IMF Note also reports empirical results indicating that countries which had controls aimed at achieving a less risky profile of external liabilities showed greater robustness during the crisis. So, is this an argument for capital controls, an inversion of the pre-crisis view?
To an extent, yes, reflecting the conditions during the crisis and how different groups of countries have emerged from it. However, the specific conditions, both domestic and global, that would determine the desirability of capital controls for specific countries need to be thought through. Intervention to manage the exchange rate is another way in which a central bank may contribute to external stability.