The global financial crisis and its aftermath saw boom-bust cycles in cross-border capital flows of astounding magnitude. Issues of capital account liberalization and the imposition of capital controls are back in the headlines, and on researchers' agendas. This comprehensive and timely research review covers many of the themes central to the issue of capital account liberalization, and provides a balanced assessment of the role that capital controls might play in the effective management of capital flows to reap their benefits.

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Edited by Jonathan D. Ostry, Deputy Director, International Monetary Fund, Atish R. Ghosh, Assistant Director, International Monetary Fund and Mahvash S. Qureshi, Senior Economist, International Monetary Fund, Washington, US

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