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However, reintroducing capital controls in the form of taxes on cross-border capital flows would go a long way towards making currency crises of the 1997-8 sort (and the current Icelandic and looming Eastern European crises, too).
Unfettered cross-border capital flows are a bad idea. Just look at the financial crises of the last 30 years, worldwide.
The brainless should not be in banking. — Willem Buitler
would go a long way towards making currency crises of the 1997-8 sort less likely
Of course, the subsidy would only be paid out at such time as the actual physical goods arrive in the country. Pure paper transactions wouldn't get this kind of refund, or it would be too easy to scam.
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