Since the Global Financial Crisis, international research and policy efforts have made the case for more interventionist management of capital inflows and exchange rates, motivated by the size and effects of gross flows of capital and a desire to maintain robust growth rates. Christopher Loewald discusses why the macroeconomic policy approach to capital flows should remain central to South Africa and how it can be strengthened further with asymmetric approaches to real exchange appreciation.

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Image courtesy of interviewee. March 13, 2023