Hervé Ferhani: EM countries in capital controls dilemma
Speaking at the FX Week USA congress in New York last week (July 13), Ferhani said: "Country A sets up capital controls so the market is going to go to country B. [Therefore] Country B is going to set up capital controls. At the end of the day, the losers will be the virtuous countries that try to avoid capital controls."
Most recently, Indonesia, Taiwan and South Korea have enforced capital controls to restrict foreign exchange capital flows (FX Week, July 5) but Ferhani described them as
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