Unlike in the past, however, emerging and developing countries avoided the worst, precisely because they had learned to accumulate foreign reserves and regulate cross-border capital flows, and to ease such measures to prevent or mitigate sudden stops. And yet, despite abundant academic evidence and country experience to the contrary, the IMF remains stubbornly wedded to the idea of eventual capital-account liberalization.
但是，与过去不同，新兴和发展中国家避免了最坏情况，其原因正是它们学会了累积外汇储备和监管跨境资本流，并放松此类措施来防止或减轻突然断流的不利影响。而尽管存在充分的可用于反证的理论证据和国家经验，IMF仍顽固地抱着终极资本账户自由化的观点不放。