Palavras-chave
Liberalização da conta financeira
Controles de capital
Políticas macroprudenciais
Crises financeiras
Como Citar
Resumo
A visão do Fundo Monetário Internacional (FMI) sobre liberalização da conta financeira e controles de capital passou por importantes reavaliações ao longo das últimas duas décadas e meia. A ocorrência de diversas crises financeiras, incluindo a crise global em 2007-2008, impulsionou a instituição a defender parcialmente o uso de controles de capital que tenham o objetivo de eliminar algumas disfunções, tais como riscos financeiros e pressões de apreciação cambial. Neste artigo, argumenta-se que essa reorientação no escopo dos artigos do FMI também foi uma resposta a estudos empíricos que apontaram falhas na teoria ortodoxa sobre liberalização da conta financeira, e que analisaram a eficácia dos controles de capital impostos por economias emergentes ao longo do pós crise global. Não obstante, o FMI permanece não defendendo e recomendando o uso de controles de capital e a administração da taxa de câmbio em caráter permanente, apesar de evidências empíricas relevantes que indicam a eficácia dessas medidas.
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