While poverty reduction has become the central focus of the multilateral institutions, research into macroeconomic policy has lagged behind and continues to be almost solely growth-focused. This paper aims to contribute to one policy area, that of capital account regulation, and sets out a framework of linkages to poverty. The key conclusion is that while the growth benefits of liberalisation are far from clear for poorer countries, there may be significant costs in poverty terms. While further research is required in a number of areas identified, the main policy implication is that capital controls must be retained as part of the toolbox of pro-poor macroeconomic policymaking.