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Globalization, Financial Market Opening, and Foreign Capital Inflows

Author

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  • Fry, M.J.

Abstract

Recent events in some European countries might suggest that increased capital inflows inevitably appreciate the real exchange rate and increase financial fragility. Hence, opening domestic financial markets to international investors seems a perilous undertaking. If autarky is rejected, however, countries have little choice but to permit capital to flow across their borders. The first section of the paper examines some specific issues involved in opening domestic financial markets to foreign investors. The second section analyzes the effects of capiutal inflows on real exchange rates.

Suggested Citation

  • Fry, M.J., 1997. "Globalization, Financial Market Opening, and Foreign Capital Inflows," Papers 97-03, University of Birmingham - International Financial Group.
    • Handle: RePEc:fth:birmif:97-03
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    Keywords

    INTERNATIONAL ECONOMY;

    JEL classification:

    • F30 - International Economics - - International Finance - - - General

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