Coruscation

For fast-growing economies like Brazil and Turkey, where currencies are now overvalued against the dollar by an estimated 9 percent and 16 percent, respectively, the paper concludes that they are justified in raising selective barriers.

What gives the study an extra bite is that one of its authors is John Williamson, an international economist who conceived the original notion of the Washington consensus in 1989.

Broadly defined, that long-held view was that developing nations must absorb 10 policies, like balancing their budgets, privatizing state-owned enterprises and opening their markets to foreign investors, to achieve lasting economic success.

Although there is no mention in the original 10 principles of the importance of the free flow of capital, such a view came to be associated with a promarket stance that such flows, along with fiscal discipline and open markets, were crucial for emerging markets to succeed.

"The term took on a life of its own and became associated with free market fundamentalism," said Mr. Rodrik, who added that an apogee was reached in the mid-1990s when the I.M.F. tried to include the free flow of capital as one of its articles of agreement.

After the Asian crisis in 1997 and the Russian market collapse in 1998, the notion that such flows were an unquestioned good began to be challenged. Of course, at the time, many countries were concerned mostly about capital flight and its effect, not inflows.

Despite China's success in maintaining tight control over its currency and the recent actions of Taiwan, Brazil and others, not all emerging markets are erecting barriers.

In India, where a record-breaking stock market has lured billions of dollars, officials have said that they do not intend to impose new restrictions.

Similarly, policy makers in booming Turkey say they will not impose controls, despite calls for action from some of the country's exporters.

Prime Minister Recep Tayyip Erdogan even went so far as to say that a strong currency was a source of pride for Turks.

"I think there has been a bit of exaggeration in this need for capital controls," said William R. Cline, the co-author of the Peterson Institute report.