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Western sanctions have closed capital markets to Russian firms, even private ones.
Varoufakis leaves an economy in meltdown, banks closed, capital controls imposed and shortages growing by the hour.
The State Administration for Foreign Exchange (SAFE) has rattled off a series of measures to plug the holes in China's (officially closed) capital account.
Financial instability, the credit squeeze and closed capital markets are hurting domestic automakers, while decades of competition from foreign producers have eroded market share and consumer loyalty.
They have failed to cut interest rates fast enough (real rates are about 10%) to boost domestic demand, perhaps because they fear that domestic savers will panic and seek hard-currency havens, despite an officially closed capital account.
Japan's notoriously closed capital markets have contributed mightily to that country's present mess.
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This is what happens when a company closes capital and long-awaited VPs are hired, who in turn hire directors and analysts, and have requests for budget.
According to the IMF's index of capital controls, only two emerging economies closed their capital accounts between 1995 and 2005, whereas 14 countries opened up fully.
The Eichengreen point — that even a hint of exit would cause panicked capital flight and bank runs — is now moot: the banks are closed, and capital is controlled.
Farm gates have traditionally been closed to capital markets: nine in ten farms are held by families.
With its banks closed and capital controls in place, the financial institutions are rapidly running out of money.
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