This Working Paper reexamines the issue of international financial capital mobility, which has become today’s economic orthodoxy. The policy discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal...

This is substantially revised and updated version of a paper that was first published as a PERI Working Paper in August 2010.The response by the IMF (and developing country national governments) to the current global financial crisis represents a moment of what I term “productive...

This paper looks at both the theoretical and empirical literature on capital controls and finds that capital controls can play an important role in developing countries by helping to insulate them from some of the harmful effects of volatile and short-term capital flows. The authors look at...

This paper analyzes the experience of the major Latin American countries including Argentina, Brazil, Mexico, Colombia, Chile, Peru and others in the post-World-War period, up to the crisis caused by the collapse of the U.S. housing bubble. The authors provide a detailed historical analysis that...

Grabel addresses three related questions. How is the crisis affecting the governance of the IMF and the influence that developing countries have within the institution; the policy space available to developing countries; and the prospects that alternative financial architectures will emerge as...

Significantly revised, April 2011The paper examines three related questions. How is the crisis affecting the governance of the IMF and the influence that developing countries have within the institution; what new policy space is available to developing countries; and what alternative financial...