Short-Term Capital Flows and Economic Crises

by Griffith-Jones, Stephany; Montes, Manuel F.; Nasution, Anwar

• ISBN13: 9780198296867
• ISBN10: 019829686X
• Format: Hardcover
• Copyright: 2001-04-05
• Publisher: Oxford University Press

Summary

The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994--and their high development costs--raise a serious concern about the net benefits for developing countries of large flows of potentially reversible short-term international capital. Written by senior policy-makers and academics, the contributions to this volume examine in depth the macroeconomic and policy dilemmas confronting public authorities in the emerging economies as they deal with short-term capital movements, especially in the period before the outbreak of these crises.

Table of Contents

List of Contributors	ix
Part I. The International and Analytical Context
The Dynamics of Capital Movements to Emerging Economies During the 1990s	3	(26)
Peter Monitiel
Carmen M. Reinhart
Short-Term Capital Flows, the Real Economy, and Income Distribution in Developing Countries	29	(23)
E. V. K. FitzGerald
The Boom of Portfolio Flows to `Emerging Markets' and its Regulatory Implications	52	(21)
Jane W. D' Arista
Stephany Griffith-Jones
Part II. Case Studies
Korea's Management of Capital Flows in the 1990s	73	(24)
Won-Am Park
The Southeast Asian Currency Crisis	97	(20)
Manuel F. Montes
Capital Inflows and Policy Responses: the Case of Indonesia in the 1990s	117	(27)
Anwar Nasution
Causes and Lessons of the Mexican Peso Crisis	144	(29)
Stephany Griffith-Jones
Brazil's Macroeconomic Policies and Capital Flows in the 1990s	173	(26)
Eliana Cardoso
Managing Capital Inflows in Chile	199	(27)
Manuel R. Agosin
Ricardo Ffrench-Davis
Capital Flows and Policy Responses in South Africa in the 1990s	226	(25)
Brian Kahn
Crises? What Crises? Escudo from ECU to EMU	251	(12)
Jorge Braga de Macedo
Part III. Conclusions
Managing Capital Surges in Emerging Economies	263	(28)
Stephany Griffith-Jones
Manuel F. Montes
Anwar Nasution
References	291	(14)
Index	305