Gallagher Argues for Reforms to IMF Capital-Flow Regulation
Kevin Gallagher, Professor of Global Development Policy at BU’s Frederick S. Pardee School of Global Studies and Director of BU’s Global Development Policy Center (GDP Center), published a Project Syndicate op-ed on the International Monetary Fund’s capital-flow regulation and how the organization can improve this practice.
Gallagher co-authored the article, titled “The IMF’s Unfinished Business,” with Nobel Prize-winning economist and professor at Columbia University Joseph E. Stiglitz. The two argue that it is critical the IMF embrace capital controls and the role they can play in helping member states mitigate financial instability. They call for a number of reforms to the Fund’s capital-account policy, which include advising member countries to enact permanent regulations allowing for the rapid deployment of “capital flow management measures” (CFM) during surges and sudden stops as well as advocating for reforms to trade and investment treaties to grant emerging markets and developing countries more policy leeway for using CFMs
The full article can be read on Project Syndicate‘s website.
Kevin Gallagher is a professor of global development policy at Boston University’s Frederick S. Pardee School of Global Studies, where he directs the Global Development Policy Center. He is the author or co-author of numerous books, including most recently, The Case for a New Bretton Woods (Wiley, 2022). Read more about Professor Gallagher on his Pardee School faculty profile.