Dealing with capital inflows: Are there any lessons?

We have now witnessed more than half a decade of relatively heavy capital inflows to a large group of highly heterogeneous developing countries and economies in transition in Asia, Eastern Europe, the Former Soviet Union, Latin America, and parts of Africa and the Middle East--we have also witnessed the broad range of policy responses that these inflows have elicited. In light of this, the aim of this paper is threefold: first, we take stock of which countries implemented which policies; second, we attempt to assess to what extent the policies achieved their intended objectives; lastly, we draw lessons about which policies appear to have been the most successful tool in coping with surging capital inflows, with emphasis on the "policy mix" and how they interact.