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An overview of developments in global financial markets in the 1990s

In: All Fall Down

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Abstract

Rising volumes of capital flows in the 1990s propelled the external and domestic debt of many countries to historically high levels and coincided with robust rates of economic growth. Developing nations assumed an advancing role in the global economy with developing Asia in the lead. But financial crises had encouraged many of these countries to increase their reserve holdings and, by 2002, emerging economies as a group supplied a larger share of net outflows than the euro area. This shift in the global makeup of capital flows channeled financial resources from the poor to the rich, strengthening US growth rates as it made America the dominant importer of both goods and capital.

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  • ., 2018. "An overview of developments in global financial markets in the 1990s," Chapters, in: All Fall Down, chapter 14, pages 101-104, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18346_14
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