John Taylor, the George P. Schultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, says he disagrees with the International Monetary Fund's emphasis on capital controls as a policy tool, and China's steps to regularly impose them when needed, saying they should be replaced by open markets and free movement of capital around the world.\u0010\u0010Taylor speaks with Bloomberg Global Economics and Policy Editor Kathleen Hays Hoover's Monetary Policy Conference on Currencies, Capital, and Central Bank Balances.