"This week, the IMF published its latest thinking on capital market liberalisation. Its conclusion? Controls on capital had their uses, countries should dismantle controls only when they were absolutely sure they could cope with the possible hot money flows that might result, and should have the right to take action to prevent their economies being blown out of the water either by the rapid exchange-rate appreciation that accompanies rapid inflows of foreign money or the depreciation that accompanies its departure." (Quoted from article)