By Gerald K. Helleiner
An authoritative review of the talk over the position of unstable deepest capital flows and their influence on constructing nations. The e-book outlines the lengthy heritage of shock approximately those concerns, going again to arrangements for the Bretton Woods contract. It assesses their acceleration with the expansion of overseas capital and appears at key case reports from Latin the US, Asia and Africa to evaluate the chances and difficulties for nationwide and foreign coverage responses.
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In some subSaharan African countries, for instance, the authorities have little idea about the detailed composition of such capital flows. Informed analysts conjecture that much of what is at present recorded as private G. K. , in this volume). If the authorities do not know which flows are which, they will obviously face great difficulties in developing appropriate controls or macroeconomic stabilization policies. ). Short-Term versus Long-Term Flows Short-term capital inflows (and outflows) have been an important element in the recent experience of many developing countries (including Thailand, Malaysia and several sub-Saharan African countries, where such flows have dominated).
The experience with various policies relating directly to the capital account, many of recent origin, however, has not as yet been as widely shared. In particular, there would seem to be a need for more comparative research and discussion on the most cost-effective instruments for influencing the volume, composition and productive usage of capital flows in countries with thin and vulnerable foreign exchange and financial markets. Behaviour of Agents in Financial Markets Much of the policy debate seems to hinge on the assumed behaviour of different agents in financial markets.
2. 3. 4. For comments on an earlier draft, and without implicating them in the contents of the current version, I would like to thank Andrew Cornford, Roy Culpeper, Dinesh Dodhia, Rumman Faruqi, Eric Helleiner, Louis Kasekende, Guillermo Le Fort. , Aziz Ali Mohammed, Chi-Young Song and John Williamson. , 1995). In a recent study of nine Latin American and Asian countries with liberalized capital accounts in the 1987-94 period, exchange risk was far more important than country risk (or remaining capital controls) in 'explaining' such premia (Frankel and Okongwu, 1996).