Macroeconomic Management in APEC Economies: The Response to Capital Inflows
AbstractIn 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.
Download InfoIf 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.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 8148.
Date of creation: 1995
Date of revision:
Find related papers by JEL classification:
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
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.:
- 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.
- D. F. I. Folkerts-Landau & Donald J. Mathieson & Morris Goldstein & Liliana Rojas-SuÃ¡rez & JosÃ© SaÃºl Lizondo & Timothy D. Lane, 1991. "Determinants and Systemic Consequences of International Capital Flows," IMF Occasional Papers 77, International Monetary Fund.
- Fernandez-Arias, Eduardo & DEC, 1994.
"The new wave of private capital inflows : push or pull?,"
Policy Research Working Paper Series
1312, The World Bank.
- 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.
- Gooptu, Sudarshan, 1993. "Portfolio investment flows to emerging markets," Policy Research Working Paper Series 1117, The World Bank.
- Morris Goldstein & Michael Mussa, 1993.
"The Integration of World Capital Markets,"
IMF Working Papers
93/95, International Monetary Fund.
- 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.
- 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.
- Liliana Rojas-SuÃ¡rez & Donald J. Mathieson, 1993.
"Liberalization of the Capital Account: Experiences and Issues,"
IMF Occasional Papers
103, International Monetary Fund.
- Donald J. Mathieson & Liliana Rojas-SuÃ¡rez, 1992. "Liberalization of the Capital Account: Experiences and Issues," IMF Working Papers 92/46, International Monetary Fund.
- Robert Brandon Kahn & Adam Bennett & MarÃa Vicenta Carkovic S. & Susan Schadler, 1993. "Recent Experiences with Surges in Capital Inflows," IMF Occasional Papers 108, International Monetary Fund.
- 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.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
- Leonardo Leiderman & Carmen Reinhart & Guillermo Calvo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Working Papers 92/62, International Monetary Fund.
- Christian Saborowski, 2009. "Capital Inflows and the Real Exchange Rate: Can Financial Development Cure the Dutch Disease?," IMF Working Papers 09/20, International Monetary Fund.
- Kenneth Kletzer & Mark Spiegel, 1999.
"Sterilization costs and exchange rate targeting,"
Pacific Basin Working Paper Series
99-03, Federal Reserve Bank of San Francisco.
- 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.
- 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.
- Takatoshi Ito, 1999.
"Capital Flows in Asia,"
Discussion Paper Series
a371, Institute of Economic Research, Hitotsubashi University.
- 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.
- repec:ebl:ecbull:v:7:y:2007:i:10:p:1-14 is not listed on IDEAS
- Timothy Bond, 1998. "Capital Flows to Asia: The Role of Monetary Policy," Empirica, Springer, vol. 25(2), pages 165-182, January.
- Mark M. Spiegel, 1995.
"Sterilization of capital inflows through the banking sector: evidence from Asia,"
Federal Reserve Bank of San Francisco, pages 17-34.
- Mark M. Spiegel, 1995. "Sterilization of capital inflows through the banking sector: evidence from Asia," Pacific Basin Working Paper Series 95-06, Federal Reserve Bank of San Francisco.
- Kawai, Masahiro & Newfarmer, Richard & Schmukler, Sergio, 2001. "Crisis and contagion in East Asia : nine lessons," Policy Research Working Paper Series 2610, The World Bank.
- Indrani Chakraborty, 2007. "Economic Reforms, Capital Inflows and Macro Economic Impact in India," Working Papers id:1064, eSocialSciences.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.