But other potential instruments are not considered in the paper. For example, intervention in the foreign exchange market in the form of reserve accumulation, which has been used in many emerging markets. This is helpful on the way in, in terms of dampening the inflows, but it also helpful in dealing with the outflows when they come.
2  BIS central bankers’ speeches  Moreover, the paper is silent on how to go about applying the capital controls in practice. Indeed, it is ironic to be discussing the appropriate implementation of capital controls at the IMF, which for a long time has regarded them as a complete anathema.