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International Capital Flows, the International Agencies, and Financial Stability

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  • Stanley Fischer

    (Professor, Massachusetts Institute of Technology, U.S.A., National Bureau of Economic Research, Honorary Adviser, Institute for Monetary and Economic Studies, Bank of Japan)

Abstract

The 1987 stock market crash moved around the world within a day, a reflection of the integration of the international capital markets that by now has erased most of the obstacles to capital flows erected during the Great Depression and World War II. Today capital flows freely among the major industrialized countries, and even though policymakers occasionally express their exasperation over the consequences, no one seriously believes that it is possible to stop it.1 Many middle income countries are returning to the global capital markets as industrialized country investors search out emerging markets, and as the international bond markets welcome issues by countries that only a short while ago were regarded as hopelessly mired in debt. In brief, international capital markets are as linked today as they were in the heyday of the international gold standard a century ago.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Stanley Fischer, 1994. "International Capital Flows, the International Agencies, and Financial Stability," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 12(1), pages 17-33, July.
    • Handle: RePEc:ime:imemes:v:12:y:1994:i:1:p:17-33
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    File URL: http://www.imes.boj.or.jp/research/papers/english/me12-1-2.pdf
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    Cited by:

    1. de Brouwer,Gordon, 1999. "Financial Integration in East Asia," Cambridge Books, Cambridge University Press, number 9780521651486, May.

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