Policymakers in advanced and emerging countries alike should focus on the underlying failures that destabilize their economies and impede growth, rather than trying to treat the symptoms by manipulating monetary policy or capital controls. Unless they are supported by strong institutional structures at all levels, such measures will prove futile in managing capital flows.
发达国家和新兴国家的决策者都应该专注于动摇其经济、妨碍增长的根本性失灵问题，而不是试图通过玩弄货币政策或资本管制治疗症候。除非获得各个层面的强大的制度性结构的支持，这些措施是无力管理资本流的。