Capital Movements Now Under Surveillance

With regard to the situation of emerging market and developing economies, this paper examines the issue of potential controls on capital flows. It begins by analyzing the IMF's position, redefined in March 2022, in the form of an Institutional View on the liberalization and management of capital flows. We then present the macroeconomic and macro-financial externalities that international capital flows generate and that justify this shift, both on the IMF's side and at the level of governments or central banks within the emerging countries. Finally, the question of the effectiveness and conditions of implementation of this new surveillance of capital flows within the framework of an expanded policy mix is raised.