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Determinants and Systemic Consequences of International Capital Flows

Author

Listed:
  • D. F. I. Folkerts-Landau
  • Donald J Mathieson
  • Morris Goldstein
  • Liliana Rojas-Suárez
  • José Saúl Lizondo
  • Timothy D. Lane

Abstract

The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies. Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market access by developing countries. These are among the findings of this study of capital flows in the 1970s and the 1980s.

Suggested Citation

  • D. F. I. Folkerts-Landau & Donald J Mathieson & Morris Goldstein & Liliana Rojas-Suárez & José Saúl Lizondo & Timothy D. Lane, 1991. "Determinants and Systemic Consequences of International Capital Flows," IMF Occasional Papers 77, International Monetary Fund.
  • Handle: RePEc:imf:imfocp:77
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    Cited by:

    1. Carmen Reinhart & Mohsin S. Khan, 1995. "Capital Flows in the APEC Region," IMF Occasional Papers 122, International Monetary Fund.
    2. Jan Lemmen & Sylvester Eijffinger, 1995. "The quantity approach to financial integration: The Feldstein-Horioka criterion revisited," Open Economies Review, Springer, vol. 6(2), pages 145-165, April.
    3. Lisa M. Schineller, 1997. "An econometric model of capital flight from developing countries," International Finance Discussion Papers 579, Board of Governors of the Federal Reserve System (U.S.).
    4. 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.
    5. Fry, Maxwell J., 1993. "Foreign direct investment in a macroeconomic framework : finance, efficiency, incentives, and distortions," Policy Research Working Paper Series 1141, The World Bank.
    6. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994. "The Capital Inflows Problem: Concepts And Issues," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 54-66, July.
    7. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America," MPRA Paper 13843, University Library of Munich, Germany.
    8. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1995. "Capital inflows to Latin America with reference to the Asian experience," MPRA Paper 13840, University Library of Munich, Germany.
    9. Mukesh Ralhan, 2006. "Determinants of Capital Flows: A Cross-Country Analysis," Econometrics Working Papers 0601, Department of Economics, University of Victoria.
    10. Michael Reddell & Ian Woolford & Sean Comber, 2001. "International capital flows, external debt, and New Zealand financial stability," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 64, December.
    11. Lisa M. Schineller, 1997. "A nonlinear econometric analysis of capital flight," International Finance Discussion Papers 594, Board of Governors of the Federal Reserve System (U.S.).
    12. Fry, Maxwell J., 1996. "How foreign direct investment in Pacific Asia improves the current account," Journal of Asian Economics, Elsevier, vol. 7(3), pages 459-486.
    13. Richard Herring, 1994. "International Financial Integration: The Continuing Process," Center for Financial Institutions Working Papers 94-23, Wharton School Center for Financial Institutions, University of Pennsylvania.
    14. Das Gupta, Dipak & Das Gupta, Bejoy & DEC, 1994. "Interest rates in open economies : real interest rate parity, exchange rates, and country risk in industrial and developing countries," Policy Research Working Paper Series 1283, The World Bank.
    15. Njuguna S. Ndung'U & Rose W. Ngugi, 1999. "Adjustment and liberalization in Kenya: the financial and foreign exchange markets," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 465-491.
    16. Cusack, Thomas R., 1995. "Partisan politics and public finance: changes in public spending in the industrialized democracies, 1955-1989," Discussion Papers, Research Unit: Economic Change and Employment FS I 95-313, Social Science Research Center Berlin (WZB).
    17. Bacha, Edmar Lisboa, 1994. "Latin America's reentry into private financial markets: domestic and international policy issues," Revista Brasileira de Economia - RBE, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 48(4), October.
    18. Marcelo Dabos & V. Hugo Juan- Ramon, 1998. "Real Exchange Rate Response to Capital Flows in Mexico: An Empirical Analysis," Working Papers 21, Universidad de San Andres, Departamento de Economia, revised Dec 1999.
    19. Kim, Yoonbai, 2000. "Causes of capital flows in developing countries," Journal of International Money and Finance, Elsevier, vol. 19(2), pages 235-253, April.
    20. Sarno, Lucio & Taylor, Mark P., 1999. "Hot money, accounting labels and the permanence of capital flows to developing countries: an empirical investigation," Journal of Development Economics, Elsevier, vol. 59(2), pages 337-364, August.
    21. L. Sarno & M. P. Taylor, 2003. "An empirical investigation of asset price bubbles in Latin American emerging financial markets," Applied Financial Economics, Taylor & Francis Journals, vol. 13(9), pages 635-643.
    22. Graham Bird, 1999. "How important is sound domestic macroeconomics in attracting capital inflows to developing countries?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(1), pages 1-26.

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