The International Monetary Fund’s Articles of Agreement give countries wide latitude to regulate cross-border capital movements, subject mainly to the proviso that such regulations not be used to manipulate the exchange rate for the purpose of gaining an unfair competitive advantage. Beginning from the 1990s, however, the IMF has seemed far more supportive of fully open capital accounts than its legal framework. This can be seen not only in the institutional push to amend the Articles to enshrine fully open capital accounts in the mid-1990s, but also in subsequent speeches by IMF managing directors impugning capital controls and recent attempts to codify a set of highly restrictive circumstances under which countries may avail themselves of external financial regulations. This history suggests that, institutionally, the IMF would be far more comfortable with an architecture in which countries (strive to) eliminate restrictions on cross-border capital movements than with the vision of capital controls enshrined in its constitution by the IMF’s founding fathers, Keynes and White.

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国际货币基金组织的资本管制之旅：目的地是什么？

国际货币基金组织的协定条款赋予各国很大的自由度来监管跨境资本流动，主要条件是此类监管不得用于操纵汇率以获得不公平的竞争优势。然而，从 1990 年代开始，国际货币基金组织似乎比其法律框架更支持完全开放的资本账户。这不仅体现在 1990 年代中期机构推动修改章程以纳入完全开放资本账户的做法，而且体现在国际货币基金组织总裁随后发表的谴责资本管制的讲话，以及最近试图将一系列高度限制性情况编纂成法典的做法。哪些国家可以利用外部金融监管。这段历史表明，在制度上，