Derivatives in International Capital Flows
AbstractThis paper will discuss the role of derivative products in international capital flows, especially in providing a means of both reducing and enhancing market risks associated with given net flows. It will emphasize how derivatives can be used to evade risk-control or prudential regulation, circumvent capital controls, drive the dynamics of currency instabilities, and obscure true risk positions and thereby undermine the usefulness of balance of payments capital account categories.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6623.
Date of creation: Jun 1998
Date of revision:
Publication status: published as Feldstein, Martin (ed.) International capital flows, National Bureau of Economic Research Conference Report series. Chicago and London: University of Chicago Press, 1999.
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This paper has been announced in the following NEP Reports:
- NEP-ALL-1998-07-06 (All new papers)
- NEP-FMK-1998-07-06 (Financial Markets)
- NEP-IFN-1998-07-06 (International Finance)
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