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The analysis of emerging policy issues in development finance

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  • Goopu, Sudarshan
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    Abstract

    The author makes a case for improving capacity in developing countries to monitor and analyze data on private capital flows, especially portfolio investment flows (through both debt and non-debt instruments). He surveys recent economic literature and identifies unanswered international finance-related policy questions being grappled with in developing countries. From this he deduces the tremendous need for better data to analyze important economic issues (with a focus on data related to external debt and financial flows). The author also provides an overview of recent trends in financial flows to developing countries, highlighting the surge of private capital flows to a few such countries in the 1990s. He traces some of the major policy issues dealt with in the 1980s and describes the analysis and discussions behind policy decisions. He concludes by suggesting some policy issues that are important today in development finance - and which research agenda might be fruitful for examining changing debt structure and financial flows.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 1589.

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    Date of creation: 30 Apr 1996
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    Handle: RePEc:wbk:wbrwps:1589

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    Related research

    Keywords: Banks&Banking Reform; International Terrorism&Counterterrorism; Economic Theory&Research; Payment Systems&Infrastructure; Financial Intermediation; Economic Theory&Research; Banks&Banking Reform; Financial Intermediation; Macroeconomic Management; Environmental Economics&Policies;

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    1. Jonathan Eaton, 1991. "Sovereign Debt: A Primer," Boston University - Institute for Economic Development, Boston University, Institute for Economic Development 21, Boston University, Institute for Economic Development.
    2. Jeffrey Sachs & Daniel Cohen, 1982. "LDC Borrowing with Default Risk," NBER Working Papers 0925, National Bureau of Economic Research, Inc.
    3. Claessens, Stijn, 1993. "Alternative Forms of External Finance: A Survey," World Bank Research Observer, World Bank Group, World Bank Group, vol. 8(1), pages 91-117, January.
    4. Fernandez-Arias, Eduardo & DEC, 1994. "The new wave of private capital inflows : push or pull?," Policy Research Working Paper Series, The World Bank 1312, The World Bank.
    5. Chuhan, Punam & Claessens,Constantijn A. & Mamingi, Nlandu, 1993. "Equity and bond flows to Asia and Latin America : the role of global and country factors," Policy Research Working Paper Series, The World Bank 1160, The World Bank.
    6. Bulow, J. & Rogoff, K., 1988. "Sovereign Debt: Is To Forgive To Forget?," Papers, Stockholm - International Economic Studies 411, Stockholm - International Economic Studies.
    7. Stijn Claessens & Moon-Whoan Rhee, 1994. "The Effect of Barriers to Equity Investment in Developing Countries," NBER Chapters, National Bureau of Economic Research, Inc, in: The Internationalization of Equity Markets, pages 231-275 National Bureau of Economic Research, Inc.
    8. Michael P. Dooley & Eduardo Fernandez-Arias & Kenneth M. Kletzer, 1994. "Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History?," NBER Working Papers 4792, National Bureau of Economic Research, Inc.
    9. Paul R. Krugman, 1988. "Market-Based Debt-Reduction Schemes," NBER Working Papers 2587, National Bureau of Economic Research, Inc.
    10. Froot, Kenneth A, 1989. "Buybacks, Exit Bonds, and the Optimality of Debt and Liquidity Relief," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(1), pages 49-70, February.
    11. Cohen, Daniel, 1990. "Debt Relief: Implications of Secondary Market Discounts and Debt Overhangs," World Bank Economic Review, World Bank Group, World Bank Group, vol. 4(1), pages 43-53, January.
    12. Hernandez, Leonardo & Rudolph, Heinz, 1995. "Sustainability of private capital flows to developing countries : Is a generalized reversal likely?," Policy Research Working Paper Series, The World Bank 1518, The World Bank.
    13. Joshua Greene & Delano Villanueva, 1991. "Private Investment in Developing Countries: An Empirical Analysis," IMF Staff Papers, Palgrave Macmillan, vol. 38(1), pages 33-58, March.
    14. Fernandez-Arias, Eduardo & Montiel, Peter J., 1995. "The surge in capital inflows to developing countries : prospects and policy response," Policy Research Working Paper Series, The World Bank 1473, The World Bank.
    15. Selowsky, Marcelo & Van Der Tak, Herman G., 1986. "The debt problem and growth," World Development, Elsevier, Elsevier, vol. 14(9), pages 1107-1124, September.
    16. Jeremy Bulow & Kenneth Rogoff, 1988. "The Buyback Boondoggle," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(2), pages 675-704.
    17. Jeffrey Sachs, 1983. "Theoretical Issues in International Borrowing," NBER Working Papers 1189, National Bureau of Economic Research, Inc.
    18. Jeffrey D. Sachs, 1985. "External Debt and Macroeconomic Performance in Latin America and East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 16(2), pages 523-573.
    19. Goldstein, Morris, 1995. "Coping with too much of a good thing : policy responses for large capital inflows in developing countries," Policy Research Working Paper Series, The World Bank 1507, The World Bank.
    20. Claessens, S. & Gooptu, S., 1993. "Portfolio Investment in Developing Countries," World Bank - Discussion Papers, World Bank 228, World Bank.
    21. Claessens, Stijn, 1995. "The Emergence of Equity Investment in Developing Countries: Overview," World Bank Economic Review, World Bank Group, World Bank Group, vol. 9(1), pages 1-17, January.
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