The debate surrounding the extent to which countries should employ capital controls and financial regulation remains a key concern for governments and international organizations. This chapter examines the International Monetary Fund (IMF)’s perspective on this matter. While new developments in economic theory play an important role in shaping the IMF’s views, changes in its policies are gradual. These are often influenced by shifting global economic conditions, political differences among its members, and varying perspectives among its staff. This dynamic is illustrated through an exploration of three IMF instruments: its Institutional View on Capital Flow Liberalization and Management; its stance on macroprudential policy; and the Financial Sector Assessment Program.