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Too Much, Too Little, or Too Volatile? International Capital Flows to Developing Countries in the 1990s

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  • Peter Nunnenkamp

Abstract

Developing countries are constrained in financing current account deficits as real capital mobility is still far from perfect. At the same time, capital flows to these countries proved to be extremely volatile. The paper argues that the long-term problem of "too little" should not be confused with the short-term problem of "too volatile". The former is related to sovereign risk, which may be difficult to overcome. The latter could be kept within limits by financial restructuring towards relatively stable types of capital flows.

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File URL: http://www.ifw-members.ifw-kiel.de/publications/too-much-too-little-or-too-volatile-international-capital-flows-to-developing-countries-in-the-1990s/kap1036.pdf
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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1036.

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Length: 35 pages
Date of creation: Apr 2001
Date of revision:
Handle: RePEc:kie:kieliw:1036

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Related research

Keywords: international capital markets; developing countries; debt; equity investment; sovereign risk; volatility;

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  1. Paolo Mauro, 2000. "Emerging Market Spreads: Then Versus Now," Economics Series Working Papers 2001-FE-03, University of Oxford, Department of Economics.
  2. Eduardo Fernández-Arias & Ricardo Hausmann, 2000. "Is FDI a Safer Form of Financing?," Research Department Publications 4201, Inter-American Development Bank, Research Department.
  3. repec:fth:inadeb:429 is not listed on IDEAS
  4. Stiglitz, Joseph E., 2000. "Capital Market Liberalization, Economic Growth, and Instability," World Development, Elsevier, vol. 28(6), pages 1075-1086, June.
  5. Eduardo Borensztein & Jose De Gregorio & Jong-Wha Lee, 1995. "How Does Foreign Direct Investment Affect Economic Growth?," NBER Working Papers 5057, National Bureau of Economic Research, Inc.
  6. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.).
  7. Stephany Griffith-Jones, 2000. "Proposals for a better International Financial System," World Economics, World Economics, Economic & Financial Publishing, PO Box 69, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 1GB, vol. 1(2), pages 111-133, April.
  8. Peter Nunnenkamp, 2001. "Liberalization and Regulation of International Capital Flows: Where the Opposites Meet," Kiel Working Papers 1029, Kiel Institute for the World Economy.
  9. Reisen, Helmut & von Maltzan, Julia, 1999. "Boom and Bust and Sovereign Ratings," International Finance, Wiley Blackwell, vol. 2(2), pages 273-93, July.
  10. Steven Phillips & Timothy D. Lane, 2000. "Does IMF Financing Result in Moral Hazard?," IMF Working Papers 00/168, International Monetary Fund.
  11. Michael Mussa & Giovanni Dell'Ariccia & Barry J. Eichengreen & Enrica Detragiache, 1998. "Capital Account Liberalization: Theoretical and Practical Aspects," IMF Occasional Papers 172, International Monetary Fund.
  12. Helmut Reisen, 1999. "After the Great Asian Slump: Towards a Coherent Approach to Global Capital Flows," OECD Development Centre Policy Briefs 16, OECD Publishing.
  13. Nunnenkamp, Peter, 1999. "The moral hazard of IMF lending: Making a fuss about a minor problem?," Kiel Discussion Papers 332, Kiel Institute for the World Economy (IfW).
  14. repec:fth:inadeb:416 is not listed on IDEAS
  15. Gundlach, Erich & Nunnenkamp, Peter, 1997. "Labor markets in the global economy: how to prevent rising wage gaps and unemployment," Kiel Discussion Papers 305, Kiel Institute for the World Economy (IfW).
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