This chapter reviews the IMF’s advice (or views expressed) to member countries on capital account issues, particularly capital account liberalization and managing capital flows. It first discusses the role of the IMF in capital account liberalization during 1990–2002 in the full sample of emerging market economies, paying particular attention to how its views, as expressed in country work, evolved over time. It then shifts to the IMF’s advice on managing capital flows in the context of bilateral surveillance, covering macroeconomic and structural policies to deal with large capital inflows and, in a separate section, the temporary use of capital controls to deal with both inflows and outflows.