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The IMF on Capital Controls: Washing Out the Shampoo Economy …

But nowhere is it written—well, outside of Minsky —that the cycles have to be driven by debt driven asset (or investment, as in dot.com) bubbles that are particularly damaging when they inevitably burst. (And Minsky didn't believe financial busts were inevitable. … But in the real world, you get unsustainably large inflows, leading to price and asset inflation, and sudden, deflationary outflows. The free flow of capital across the globe can have important benefits for …

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The IMF on Capital Controls: Washing Out the Shampoo Economy …

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