This report has evaluated the IMF’s approach to capital account liberalization and other related capital account issues. It first reviewed the IMF’s general operational approach and analysis as they evolved from the early 1990s into the early 2000s. The report then assessed the IMF’s country work for 1990–2004 in terms of (1) its role in capital account liberalization, (2) advice to member countries on managing capital flows, including the temporary use of capital controls, and (3) ongoing work on capital account issues. Most of the analysis on country work was based on IMF documents for a sample of over 30 emerging market and developing economies.