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Macroeconomic Management in APEC Economies: The Response to Capital Inflows

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  • Reinhart, Carmen
  • Khan, Mohsin

Abstract

In recent years, there has been a surge of international capital flows to many Asian countries. During 1990-93, developing economies in Asia received a net capital inflow of $151 billion, more than double the amount recorded for the previous four years. For certain Asian countries, such as Malaysia and Thailand, these inflows have amounted to as much as 15 percent of GDP. These developments represent a major turning point from the previous decade, when, because of the debt crisis, little capital flowed to most developing countries. This change is not limited to only a few countries. The number of economies in Asia experiencing a surge in capital inflows has recently expanded; among the more recent recipients of capital inflows are India, Nepal, and Sri Lanka. Other regions, in particular, Latin America and the Middle East, have also been attracting large amounts of foreign capital. While issues pertaining to the management of international debt dominated the policy discussions of the 1980s, the design of effective economic policies for dealing with these capital inflows, and for ensuring their durability, has become a key economic policy issue in recent years.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8148.

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Date of creation: 1995
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Handle: RePEc:pra:mprapa:8148

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  1. Michael Mussa & Morris Goldstein, 1993. "The integration of world capital markets," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 245-330.
  2. Donald J. Mathieson & Liliana Rojas-Suárez, 1992. "Liberalization of the Capital Account," IMF Working Papers 92/46, International Monetary Fund.
  3. Chuhan, Punam & Claessens, Stijn & Mamingi, Nlandu, 1998. "Equity and bond flows to Latin America and Asia: the role of global and country factors," Journal of Development Economics, Elsevier, vol. 55(2), pages 439-463, April.
  4. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
  5. Gooptu, Sudarshan, 1993. "Portfolio investment flows to emerging markets," Policy Research Working Paper Series 1117, The World Bank.
  6. Fernandez-Arias, Eduardo, 1996. "The new wave of private capital inflows: Push or pull?," Journal of Development Economics, Elsevier, vol. 48(2), pages 389-418, March.
  7. Mohamed A. El-Erian, 1992. "Restoration of Access to Voluntary Capital Market Financing: The Recent Latin American Experience," IMF Staff Papers, Palgrave Macmillan, vol. 39(1), pages 175-194, March.
  8. Robert Brandon Kahn & Adam Bennett & María Vicenta Carkovic S. & Susan Schadler, 1993. "Recent Experiences with Surges in Capital Inflows," IMF Occasional Papers 108, International Monetary Fund.
  9. Grobar, Lisa Morris, 1993. "The effect of real exchange rate uncertainty on LDC manufactured exports," Journal of Development Economics, Elsevier, vol. 41(2), pages 367-376, August.
  10. D. F. I. Folkerts-Landau & Donald J. Mathieson & Morris Goldstein & Liliana Rojas-Suárez & José Saúl Lizondo & Timothy D. Lane, 1991. "Determinants and Systemic Consequences of International Capital Flows," IMF Occasional Papers 77, International Monetary Fund.
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Cited by:
  1. Mark M. Spiegel, 1995. "Sterilization of capital inflows through the banking sector: evidence from Asia," Economic Review, Federal Reserve Bank of San Francisco, pages 17-34.
  2. Indrani Chakraborty, 2007. "Economic Reforms, Capital Inflows and Macro Economic Impact in India," Working Papers id:1064, eSocialSciences.
  3. Keltzer, K. & Spiegel, M., 1999. "Sterilization Costs and Exchange Rate Targeting," Papers pb99-03, Economisch Institut voor het Midden en Kleinbedrijf-.
  4. Timothy Bond, 1998. "Capital Flows to Asia: The Role of Monetary Policy," Empirica, Springer, vol. 25(2), pages 165-182, January.
  5. Indrani Chakraborty, 2001. "Economic reforms, capital inflows and macro economic impact in India," Centre for Development Studies, Trivendrum Working Papers 311, Centre for Development Studies, Trivendrum, India.
  6. Holmes, Phil & Wong, Mei Wa, 2001. "Foreign investment, regulation and price volatility in South-east Asian stock markets," Emerging Markets Review, Elsevier, vol. 2(4), pages 371-386, December.
  7. repec:ebl:ecbull:v:7:y:2007:i:10:p:1-14 is not listed on IDEAS
  8. Mark M. Spiegel, 1995. "Raising reserve requirements in response to Asian capital inflow surges," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue dec1.
  9. Kawai, Masahiro & Newfarmer, Richard & Schmukler, Sergio, 2001. "Crisis and contagion in East Asia : nine lessons," Policy Research Working Paper Series 2610, The World Bank.
  10. Takatoshi Ito, 2000. "Capital Flows in Asia," NBER Chapters, in: Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies, pages 255-296 National Bureau of Economic Research, Inc.
  11. Christian Saborowski, 2009. "Capital Inflows and the Real Exchange Rate," IMF Working Papers 09/20, International Monetary Fund.
  12. Kletzer, Kenneth M., 2000. "The effectiveness of self-protection policies for safeguarding emerging market economies from crises," ZEI Working Papers B 08-2000, ZEI - Center for European Integration Studies, University of Bonn.

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