“…Moreover, a significant turnover had occurred at the IMF since the 1990s, and many big-bang liberalizers had left, especially those who had been in leadership positions. Many staff members used the mandate from Strauss-Kahn and the G20, new economic ideas, and the flexibility of the IMF Articles to reinterpret, or incrementalize, its thinking on capital controls (Moschella 2012a). Current and former staff members conducted some of the more rigorous econometric analyses showing that capital controls had helped stabilize EMDs in the run-up to the global financial crisis and had helped mitigate the worst of its aftermath (Magud Reinhart, and Rogoff 2011;Ostry et al 2010;Chwieroth 2012).…”