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The Surge in Capital Inflows to Developing Countries: An Analytical Overview

  • Fernandez-Arias, Eduardo
  • Montiel, Peter J

After being excluded from world capital markets during the debt crisis, many developing countries have experienced large capital inflows during the past five years. The challenges that these inflows pose for domestic policy in recipient countries have generated a substantial literature. This article presents an overview of that literature, describing the characteristics of the new inflows, analyzing the policy issues they raise, assessing their causes and likely sustainability, and evaluating potential policy responses. The desirable policy response is tied to characteristics of the flows themselves as well as to the characteristics of the recipient economy. Copyright 1996 by Oxford University Press.

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Article provided by World Bank Group in its journal World Bank Economic Review.

Volume (Year): 10 (1996)
Issue (Month): 1 (January)
Pages: 51-77

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Handle: RePEc:oup:wbecrv:v:10:y:1996:i:1:p:51-77
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  1. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "El problema de la afluencia de capital: Conceptos y temas
    [The Capital Inflows Problem: Concepts and Issues]
    ," MPRA Paper 13682, University Library of Munich, Germany.
  2. Jonathan D. Ostry, 1991. "Trade Liberalization in Developing Countries: Initial Trade Distortions and Imported Intermediate Inputs," IMF Staff Papers, Palgrave Macmillan, vol. 38(3), pages 447-479, September.
  3. 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.
  4. Robert Brandon Kahn & Adam Bennett & María Vicenta Carkovic S. & Susan Schadler, 1993. "Recent Experiences with Surges in Capital Inflows," IMF Occasional Papers 108, International Monetary Fund.
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