The IMF treats capital controls as a last resort, to be deployed under a rather narrow set of circumstances – when other macro, financial, or prudential measures fail to stem the tide of inflows, the exchange rate is decidedly overvalued, the economy is overheating, and foreign reserves are already adequate. So, while the Fund lays out an “integrated approach to capital flow liberalization,” and specifies a detailed sequence of reforms, there is nothing remotely comparable on capital controls and how to render them more effective.
IMF将资本管制视为最后手段，只有在严格的条件下才能实施，即当其他宏观、财政或审慎措施不能阻挡流入狂潮、汇率显然处于高估状态、经济过热、并且外汇储备充足时。那么，IMF给出了“资本流自由化的综合性方针”，并具体给出了改革的详细步骤，既然如此，关于资本管制和如何使其更有效也不具有什么可比性了。