Advanced Search
MyIDEAS: Login

Managing Capital Flows to Developing Economies: Issues and Policies

Contents:

Author Info

  • Yap, Josef T.
Registered author(s):

    Abstract

    The level of capital flows to developing countries had increased dramatically over the decade prior to the 1997 Asian financial crisis. In terms of composition, private capital flows dominated official flows beginning in 1992. The surge in private capital flows to emerging market economies was a reflection of the rapid expansion and integration of international capital markets that had been driven by economic policy and structural changes, and technological factors. Despite empirical evidence to the contrary, capital flows are generally considered to be beneficial to the process of economic development. Policies to manage capital flows must then be implemented in order to minimize their costs and prevent their disruptive effects. Policy options at the domestic level range from macroeconomic adjustments to microeconomic tools, which include capital controls. At the regional level, policy options for managing capital flows and economic crises include the proposed Asian Monetary Fund and the expanded ASEAN currency swap arrangement. At the international level, proposed grand schemes should give way to more incremental reforms, which revolve around modifying the role of multilateral organizations to make them more relevant (e.g. greater emphasis on the surveillance role of the IMF), improving macroeconomic policy coordination to enhance global economic stability, and increasing private-sector involvement in any debt-restructuring process.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://serp-p.pids.gov.ph/serp-p/download.php?d=143&s=3
    Download Restriction: no

    Bibliographic Info

    Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 2000-41.

    as in new window
    Length: 25
    Date of creation: 2000
    Date of revision:
    Handle: RePEc:phd:dpaper:dp_2000-41

    Contact details of provider:
    Postal: NEDA sa Makati Building, 106 Amorsolo St., Legaspi Village, Makati City,
    Email:
    Web page: http://www.pids.gov.ph/
    More information through EDIRC

    Related research

    Keywords: capital controls;

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," NBER Working Papers 7265, National Bureau of Economic Research, Inc.
    2. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1994. "The capital inflows problem: Concepts and issues," MPRA Paper 13902, University Library of Munich, Germany.
    3. Barry P. Bosworth & Susan M. Collins, 1999. "Capital Flows to Developing Economies: Implications for Saving and Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1), pages 143-180.
    4. Obstfeld, Maurice, 1998. "The Global Capital Market: Benefactor or Menace?," Center for International and Development Economics Research, Working Paper Series qt3kn3n2s8, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
    5. Helmut Reisen, 1996. "Net capital inflows: how much to accept, how much to resist?," Proceedings, Federal Reserve Bank of San Francisco, pages 289-321.
    6. Michael P. Dooley, 1996. "A Survey of Literature on Controls over International Capital Transactions," IMF Staff Papers, Palgrave Macmillan, vol. 43(4), pages 639-687, December.
    7. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1996. "Inflows of Capital to Developing Countries in the 1990s," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 123-139, Spring.
    8. Fernandez-Arias, Eduardo & Montiel, Peter J, 1996. "The Surge in Capital Inflows to Developing Countries: An Analytical Overview," World Bank Economic Review, World Bank Group, vol. 10(1), pages 51-77, January.
    9. Rana, P.B., 1998. "Surges and Volatility of Private Capital Flows to Asian Developing Countries: Implications for Multilateral Development Banks," Papers 19, Asian Development Bank.
    10. Michael P. Dooley, 1995. "A Survey of Academic Literature on Controls over International Capital Transactions," NBER Working Papers 5352, National Bureau of Economic Research, Inc.
    11. Sebastian Edwards, 1999. "How Effective Are Capital Controls?," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 65-84, Fall.
    12. Howell H. Zee, 2000. "Retarding Short-Term Capital Inflows Through withholding Tax," IMF Working Papers 00/40, International Monetary Fund.
    13. Taylor, Mark P & Sarno, Lucio, 1997. "Capital Flows to Developing Countries: Long- and Short-Term Determinants," World Bank Economic Review, World Bank Group, vol. 11(3), pages 451-70, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:phd:dpaper:dp_2000-41. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Aniceto Orbeta).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.