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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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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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References

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  1. Steven Phillips & Timothy D. Lane, 2000. "Does IMF Financing Result in Moral Hazard?," IMF Working Papers 00/168, International Monetary Fund.
  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. Stiglitz, Joseph E., 2000. "Capital Market Liberalization, Economic Growth, and Instability," World Development, Elsevier, vol. 28(6), pages 1075-1086, June.
  4. 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.
  5. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
  6. repec:fth:inadeb:429 is not listed on IDEAS
  7. repec:fth:inadeb:416 is not listed on IDEAS
  8. Stephany Griffith-Jones, 2000. "Proposals for a better International Financial System," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 1(2), pages 111-133, April.
  9. Michael Mussa & Giovanni Dell'Ariccia & Barry J. Eichengreen & Enrica Detragiache, 1998. "Capital Account Liberalization," IMF Occasional Papers 172, International Monetary Fund.
  10. Helmut Reisen, 1999. "After the Great Asian Slump: Towards a Coherent Approach to Global Capital Flows," OECD Development Centre Policy Briefs 16, OECD Publishing.
  11. Helmut Reisen & Julia von Maltzan, 1999. "Boom and Bust and Sovereign Ratings," OECD Development Centre Working Papers 148, OECD Publishing.
  12. Yishay Yafeh & Paolo Mauro & Nathan Sussman, 2000. "Emerging Market Spreads," IMF Working Papers 00/190, International Monetary Fund.
  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.
  14. 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).
  15. 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).
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Citations

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Cited by:
  1. Nunnenkamp, Peter, 2002. "Targeting aid : what the World Bank has (not) achieved," Open Access Publications from Kiel Institute for the World Economy 2838, Kiel Institute for the World Economy (IfW).
  2. Nunnenkamp, Peter, 2006. "Comments on: Chances and Limits of South-South Monetary Coordination," Open Access Publications from Kiel Institute for the World Economy 18040, Kiel Institute for the World Economy (IfW).

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