Haruhiko Kuroda, the governor of the bank of Japan said last week that

黑田東彥，日本銀行的管理者上星期表示

China should use capital controls to stabilize its currency.

中國應該使用資本管控來穩定貨幣。

Azerbaijan, Turkmenistan and Nigeria have all introduced or tightened capital controls this month,

亞塞拜然，土庫曼和奈及利亞皆在這個月引進或緊縮資金，

formally much despise they may be making a comeback.

他們很有可能會東山再起。

Policy makers often grapple with what is called the impossible trinity.

立法人員總是抓準三元悖论(不可能的三位一體)。

You can have your own monetary policy, you can have a floating exchange rate,

你可以有獨立自主的貨幣政策，你可以有浮動匯率，

and you can have the free movement of capital.

你也可以讓資本自由進出。

But you can't have all three.

但你不能同時擁有以上三項。

Often it's the free movement of capital that gets ditched first.

通常資本自由進出這項會先被犧牲掉。

India brought in restrictions on foreign exchange markets in 2013,

印尼就在2013年開始對外匯市場進行限制。

and they were credited with helping to keep its currency stable.

而他們被讚譽穩定貨幣有功。

Brazil used them temporarily on its fixed income market, apparently without much damage.

巴西於其固定收益市場使用相同手法，很明顯並沒有多大的損失。

And in 2011, the international monetary fund published guidelines on how to use capital controls,

2011年，國際貨幣基金組織發布了如何使用資本管控政策的方法。

which was taken as quite a turnaround and as an endorsement.

這被視為一個轉類點，也為此方法背書。

Many investors and economists still dislike them because they can go so badly wrong.

很多投資客和經濟學家還是很反對因為稍有閃失即會釀成大錯。

Venezuela's dysfunctional currency regime is one example.

委內瑞拉的失敗貨幣政策即是範例。

But capital controls are no longer the mark of the devil.

但是資本管制已不再是邪惡的象徵。

Christine Lagarde, the IMF's managing director was on the same panel as Mr. Kuroda

Christine Lagarde ，國際貨幣基金會組織總裁在東彥先生發表這項建議的時候

when he made his suggestion in Davos.

也在現場。

She didn't reject the idea and that's been taken as tacit approval.

她並沒有提出反對，所以就被當作是默認了。

Also this month Agustín Carstens, the governor of Mexico's central bank

這個月， Agustín Carstens ，墨西哥銀行的管理者，

said it was time for emerging markets' central bankers to become unconventional.

表示新興市場的中央銀行是時候該脫離傳統了。

And China is already doing it.

中國已經著手進行。

It imposed restrictions on offshore bank accounts this month.

他們對境外的銀行帳戶加強控管。

The fact is that the world's economic problems are becoming harder and harder to tackle

事實是全球經濟問題越發不可收拾，

and policy makers are turning to whatever tools are in the tool box.

政客只要有辦法就用，無論好壞。