Category: Vladimir Gaberman
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The United States has moved from preaching the virtues of free capital toward actively screening what capital comes in and what capital goes out. This shift may be justified by genuine security risks, but it also introduces legal uncertainty, raises the cost of innovation, and stretches emergency authorities far beyond their original purpose. The article…
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Since 2022, the Central Bank of Russia has shifted from conventional inflation targeting to “constraint targeting,” a hybrid regime in which interest rates, capital controls and yuan-based foreign-exchange operations are used to defend the ruble and the external balance under sanctions.
The Economics Review 