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After the Great Asian Slump: Towards a Coherent Approach to Global Capital Flows

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  • Helmut Reisen

Abstract

• The unprecedented withdrawal of foreign private capital from Asia, more than 10 per cent of GDP in the crisis countries, confronts them with a transfer problem. Creditor governments should induce their home banks into financial rescue operations to reduce moral hazard in private-sector lending, and to encourage Asia’s recovery. • The resolution of Asia’s domestic debt overhang must be the overriding policy concern for Asia’s governments; paying the inevitable fiscal cost in Asia’s restructuring process requires tax-base broadening, supported by easy monetary policy. • Progress towards a less crisis-prone international financial system will hinge on how to correct the excessive risk taking by banks. Regulatory distortions through the Basle Accord which bias bank lending towards the short term should be corrected. • Developing countries should strengthen bank and non-bank balance sheets and raise the quality of inflows; Chile-type regulatory measures, however, will only be effective in an appropriate policy context.

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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Development Centre Policy Briefs with number 16.

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Date of creation: 16 Jan 1999
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Handle: RePEc:oec:devaab:16-en

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  1. Capital Market Access as IDA Eligibility Criterion – Worthless and Dangerous
    by Shifting Wealth in ShiftingWealth on 2014-04-09 10:45:00
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Cited by:
  1. Soto, Marcelo, 2003. "Taxing capital flows: an empirical comparative analysis," Journal of Development Economics, Elsevier, vol. 72(1), pages 203-221, October.
  2. Peter Nunnenkamp, 2001. "Too Much, Too Little, or Too Volatile? International Capital Flows to Developing Countries in the 1990s," Kiel Working Papers 1036, Kiel Institute for the World Economy.
  3. Reisen, Helmut, 2002. "Ratings since the Asian Crisis," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  4. 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).
  5. Anastasios, Pappas, 2010. "Capital mobility and macroeconomic volatility: evidence from Greece," MPRA Paper 29106, University Library of Munich, Germany.
  6. Sebastjan Strasek & Timotej Jagric & Natasa Spes, 2007. "Emerging Economies Crises: Lessons from the 1990’," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 5(3), pages 289-304.
  7. Pappas, Anastasios, 2010. "Capital mobility and growth: Evidence from Greece," MPRA Paper 29105, University Library of Munich, Germany.
  8. Nunnenkamp, Peter, 1999. "Latin America after the currency crash in Brazil : why the optimists may be wrong," Kiel Discussion Papers 337, Kiel Institute for the World Economy (IfW).
  9. Nunnenkamp, Peter, 2000. "Boom, bust, recovery - what next in private capital flows to emerging markets?," Kiel Discussion Papers 362, Kiel Institute for the World Economy (IfW).

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