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Issues Regarding the Composition of Capital Flows

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  • John Williamson

Abstract

This article considers the composition of capital flows to developing countries. After developing a taxonomy of the alternative possible forms, it presents a brief summary of the main facts and stylised facts of relevance to the topic. It argues that accessing FDI, portfolio equity, or long‐term loans, as opposed to short‐term loans (e.g. from banks), is well worth the additional cost, because of advantages in terms of risk‐sharing, access to intellectual property, impact on investment, and lesser vulnerability to capital flow reversal. It proceeds to discuss the extent to which authorities control appropriate policy levers and concludes with a brief look at the composition of capital outflows from developing countries.

Suggested Citation

  • John Williamson, 2001. "Issues Regarding the Composition of Capital Flows," Development Policy Review, Overseas Development Institute, vol. 19(1), pages 11-29, March.
    • Handle: RePEc:bla:devpol:v:19:y:2001:i:1:p:11-29
    DOI: 10.1111/1467-7679.00123
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    Cited by:

    1. Partha Sen, 2007. "Capital inflows, financial repression, and macroeconomic policy in India since the reforms," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 23(2), pages 292-310, Summer.
    2. Sula, Ozan & Willett, Thomas D., 2009. "The reversibility of different types of capital flows to emerging markets," Emerging Markets Review, Elsevier, vol. 10(4), pages 296-310, December.
    3. Ozan Sula, 2010. "Surges and Sudden Stops of Capital Flows to Emerging Markets," Open Economies Review, Springer, vol. 21(4), pages 589-605, September.

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