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Rethinking Capital Flows for Emerging East Asia

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  • Grenville, Stephen

    (Asian Development Bank Institute)

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    Abstract

    Since the 1980s, emerging countries have been urged to welcome foreign capital inflows. The result has often been a pattern of surges, where excessive inflows were followed by damaging “sudden stops” and reversals. What is needed is a strategy that makes use of the potential benefits of capital “flowing downhill” (that would require these countries to run current account deficits) while at the same time protecting them from both the excessive inflows and the reversals.

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    File URL: http://www.adbi.org/files/2012.06.22.wp362.rethinking.capital.flows.emerging.east.asia.pdf
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    Bibliographic Info

    Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 362.

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    Length: 31 pages
    Date of creation: 25 Jun 2012
    Date of revision:
    Handle: RePEc:ris:adbiwp:0362

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    Related research

    Keywords: asian financial crisis; east asia; financial markets; capital flows; current account;

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    1. Claudio Borio & Robert McCauley & Patrick McGuire, 2011. "Global credit and domestic credit booms," BIS Quarterly Review, Bank for International Settlements, September.
    2. Claudio Borio & Piti Disyatat, 2011. "Global imbalances and the financial crisis: Link or no link?," BIS Working Papers 346, Bank for International Settlements.
    3. Joshua Aizenman & Yothin Jinjarak & Donghyun Park, 2011. "Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990-2010," NBER Working Papers 17502, National Bureau of Economic Research, Inc.
    4. Nicolas E. Magud E. & Carmen M. & Kenneth S. Rogoff, 2011. "Capital Controls: Myth and Reality--A Portfolio Balance Approach," Working Paper Series WP11-7, Peterson Institute for International Economics.
    5. Ricardo J Caballero & Kevin Cowan & Jonathan Kearns, 2004. "Fear of Sudden Stops: Lessons from Australia and Chile," RBA Research Discussion Papers rdp2004-03, Reserve Bank of Australia.
    6. Piti Disyatat & Gabriele Galati, 2005. "The effectiveness of foreign exchange intervention in emerging market countries," BIS Papers chapters, in: Bank for International Settlements (ed.), Foreign exchange market intervention in emerging markets: motives, techniques and implications, volume 24, pages 97-113 Bank for International Settlements.
    7. Miranda S Goeltom, 2008. "Capital flows in Indonesia: challenges and policy responses," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 265-287 Bank for International Settlements.
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