A 2006 working paper from the International Monetary Fund offers a summary of the empirical evidence. The authors found little evidence either of the benefits of the liberalisation of capital movements, or of claims that it is responsible for the spate of financial crises. They suggest that net benefits can be achieved by countries that are able to meet threshold conditions of financial competence but that for others, the benefits are likely to be delayed, and vulnerability to interruptions of capital flows is likely to be increased. Ayhan Kose, Eswar Prasad, Kenneth Rogoff, and Shang-Jin Wei Financial Globalization: A Reappraisal IMF Working Paper WP/06/189 2006
