The article explores when capital controls might be useful for countries to manage their exchange rates and monetary policies. The researchers found that capital controls can be justified in certain situations, such as when there are capital outflows or inflows in an economy. They also suggest that countries receiving capital inflows should have a fixed exchange rate, while those experiencing capital outflows should let their exchange rate float. Overall, the study shows that there are better policies than capital controls, but they can still be beneficial in specific circumstances.