Regional and Global Capital Flows

by Nber-East Asia Seminar on Economics 1999 (Kailua Kona, Hawaii); Krueger, Anne O.; Ito, Takatoshi

• ISBN13: 9780226386768
• ISBN10: 0226386767
• Format: Hardcover
• Copyright: 2001-07-18
• Publisher: Univ of Chicago Pr

Summary

The volume of capital flows between industrial and developing countries has grown dramatically in the past decade and has become a major issue in a world that is increasingly "globalized." Here Takatoshi Ito and Anne O. Krueger, two leading experts on this topic, have assembled a group of scholars who address different types of capital flows--bank lending, bonds, direct foreign investment--and the implications they hold for economic performance. With its particular focus on the Asian financial crises, this work presents a new model for policy makers everywhere in thinking about the role of private capital flows.

Author Biography

Takatoshi Ito is a professor in the Institute of Economic Research at Hitotsubashi University, Tokyo, and a research associate of the National Bureau of Economic Research.

Anne O. Krueger is the Herald L. and Caroline L. Ritch Professor of Economics, a senior fellow of the Hoover Institution, the director of the Center for Research in Economic Development and Policy Reform at Stanford University, and a research associate of the National Bureau of Economic Research.

Table of Contents

Acknowledgments	ix
Introduction	1	(10)
Takatoshi Ito
Anne O. Krueger
Fundamental Determinants of the Asian Crisis: The Role of Financial Fragility and External Imbalances	11	(36)
Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini
Comment
Carmen M. Reinhart
Comment
Aaron Tornell
Lending Booms and Currency Crises: Empirical Link	47	(26)
Aaron Tornell
Comment
Shinji Takagi
Comment
Chi-Wa Yuen
Bank Lending and Contagion: Evidence from the Asian Crisis	73	(44)
Graciela L. Kaminsky
Carmen M. Reinhart
Comment
Eiji Ogawa
Comment
Mahani Zainal-Abidin
The Impacts of Bank Loans on Economic Development: An Implication for East Asia from an Equilibrium Contract Theory	117	(34)
Shin-ichi Fukuda
Comment
Takatoshi Ito
Comment
Yukiko Fukagawa
How Were Capital Inflows Stimulated under the Dollar Peg System?	151	(46)
Eiji Ogawa
Lijian Sun
Comment
Francis T. Lui
Comment
Pranee Tinakorn
Sterilization and the Capital Inflow Problem in East Asia, 1987-97	197	(36)
Shinji Takagi
Taro Esaka
Comment
Leonard K. Cheng
Comment
Mahani Zainal-Abidin
Credibility of Hong Kong's Currency Board: The Role of Institutional Arrangements	233	(34)
Yum K. Kwan
Francis T. Lui
Leonard K. Cheng
Comment
Shin-ichi Fukuda
Comment
Takatoshi Ito
How Japanese Subsidiaries in Asia Responded to the Regional Crisis: An Empirical Analysis Based on the MITI Survey	267	(44)
Kyoji Fukao
Comment
Mario B. Lamberte
Comment
Assaf Razin
Social Benefits and Losses from FDI: Two Nontraditional Views	311	(26)
Assaf Razin
Efraim Sadka
Chi-Wa Yuen
Comment
Anne O. Krueger
Comment
Mario B. Lamberte
Currency Crisis of Korea: Internal Weakness or External Interdependence?	337	(44)
Dongchul Cho
Kiseok Hong
Comment
Nouriel Roubini
Comment
Ponciano S. Intal, Jr.
Contributors	381	(4)
Author Index	385	(4)
Subject Index	389