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Managing Capital Flows: A Distortions Approach

  • Dominic Wilson
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    The East Asian financial crisis has highlighted the challenges that international capital movements pose for domestic economic management. Many of the conditions necessary to maximise the benefits and minimise the risks associated with international capital flows were violated in East Asian economies. In particular, a number of distortions encouraged capital to flow to the wrong investments and with insufficient attention to risk. For economies with open capital accounts, the policy priority must be to remove these kinds of distortions. Where this is not possible in the short term, other policies to influence the capital flows may be desirable.

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    File URL: https://crawford.anu.edu.au/pdf/pep/pep-312.pdf
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    Paper provided by Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University in its series Asia Pacific Economic Papers with number 312.

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    Length: 31 pages
    Date of creation: Feb 2001
    Date of revision:
    Handle: RePEc:csg:ajrcau:312
    Contact details of provider: Postal: Canberra ACT 2601
    Phone: (61-2) 6249 3780
    Fax: (61-2) 6249 3941
    Web page: https://crawford.anu.edu.au/research_units/ajrc/
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    1. Eduardo Borensztein & Jose De Gregorio & Jong-Wha Lee, 1995. "How Does Foreign Direct Investment Affect Economic Growth?," NBER Working Papers 5057, National Bureau of Economic Research, Inc.
    2. Roberto Chang & Andres Velasco, 1997. "Financial fragility and the exchange rate regime," Working Paper 97-16, Federal Reserve Bank of Atlanta.
    3. Philippe Bacchetta & Eric van Wincoop, 1998. "Capital flows to Emerging Markets: Liberalization, Overshooting, and Volatility," Working Papers 98.01, Swiss National Bank, Study Center Gerzensee.
    4. Maurice Obstfeld., 1998. "The Global Capital Market: Benefactor or Menace?," Center for International and Development Economics Research (CIDER) Working Papers C98-098, University of California at Berkeley.
    5. Stephen Grenville & David Gruen, 1999. "Capital Flows and Exchange Rates," RBA Annual Conference Volume, in: David Gruen & Luke Gower (ed.), Capital Flows and the International Financial System Reserve Bank of Australia.
    6. Joshua Aizenman, 2003. "Capital Mobility In A Second--Best World: Moral Hazard With Costly Financial Intermediation," Review of International Economics, Wiley Blackwell, vol. 11(1), pages 1-17, February.
    7. M. L. Weitzman, 1973. "Prices vs. Quantities," Working papers 106, Massachusetts Institute of Technology (MIT), Department of Economics.
    8. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
    9. McKinnon, Ronald I & Pill, Huw, 1997. "Credible Economic Liberalizations and Overborrowing," American Economic Review, American Economic Association, vol. 87(2), pages 189-93, May.
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