The Peterson Institute released its new book Who Needs to Open the Capital Account? at a meeting on June 11, 2012. Coauthors Olivier Jeanne, Arvind Subramanian, and John Williamson presented the major findings and policy recommendations of their study. The book assesses the economic impact of capital flows to developing and emerging market economies during the recent crisis period, which has again become a contentious issue, and examines the case for prudential capital controls. The authors recommend a new international pact on capital flows that would seek to develop a new consensus on the conditions under which controls should be used and how best to do so.
The coauthors are all senior fellows at the Peterson Institute. Olivier Jeanne is also a professor of economics at Johns Hopkins and held various positions in the research department at the International Monetary Fund from 1998–2008. Arvind Subramanian is the author of Eclipse: Living in the Shadow of China's Economic Dominance (2011) and was recently named by Foreign Policy as the one of the world’s top 100 global thinkers. John Williamson has been associated with the Institute since its creation in 1981 and is a globally recognized authority both international monetary and development issues.
Who Needs to Open the Capital Account?