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

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Author Info
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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Publisher 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;

Find related papers by JEL classification:
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

References listed on IDEAS
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    Other versions:
  2. Timothy D. Lane & Steven Phillips, 2000. "Does IMF Financing Result in Moral Hazard?," IMF Working Papers 00/168, International Monetary Fund.
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  6. repec:fth:inadeb:429 is not listed on IDEAS
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    Other versions:
  10. 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.). [Downloadable!]
    Other versions:
  11. 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. [Downloadable!]
  12. Helmut Reisen & Julia von Maltzan, 1999. "Boom and Bust and Sovereign Ratings," OECD Development Centre Working Papers 148, OECD, Development Centre. [Downloadable!]
    Other versions:
  13. Peter Nunnenkamp, 2001. "Liberalization and Regulation of International Capital Flows: Where the Opposites Meet," Kiel Working Papers 1029, Kiel Institute for the World Economy. [Downloadable!]
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