Short-Term Capital Flows and Economic Crises

Hardcover | September 15, 2000

EditorStephany Griffith-jones, Manuel F. Montes, Anwar Nasution

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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 seniorpolicy-makers and academics, the contributions to this volume examine in depth the macroeconomic and other 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. The studies are based on comparative case studies of key emerging economies. Valuable insights are also derived from contrasts between the East Asian, Latin American, African, and European experiences, between the financial and real effects of financial flows, and between private and publicresponsibilities in managing financial markets. The great value of the chapters in this volume is that they analytically identify the weaknesses in both domestic and international capital market regimes. The recommendations derived from this analysis apply to the development of financial markets in developing countries, the monitoring andregulation of mutual funds in source countries, and the future development of international capital markets. They will make an important contribution both to the discussion of national policies and of a new international financial architechture.

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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 seniorpolicy-makers and academics, the contributions to this...

Stephany Griffith-Jones is at University of Sussex. Manuel F. Montes is at East-West Centre, Hawaii.

other books by Stephany Griffith-jones

Format:HardcoverDimensions:324 pages, 9.21 × 6.14 × 0.87 inPublished:September 15, 2000Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:019829686X

ISBN - 13:9780198296867

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Table of Contents

Part I. The International and Analytical Context1. Peter Montiel and Carmen M. Reinhart: The Dynamics of Capital Movements to Emerging Economies During the 1990s2. E. V. K. FitzGerald: Short-Term Capital Flows, the Real Economy and Income Distribution in Developing Countries3. Jane W. D'Arista and Stephany Griffith-Jones: The Boom of Portfolio Flows to 'Emerging Markets' and its Regulatory ImplicationsPart II. Case Studies4. Won-Am Park: Korea's Management of Capital Flows in the 1990s5. Manuel F. Montes: The Southeast Asian Currency Crisis6. Anwar Nasution: Capital Inflows and Policy Responses: The Case of Indonesia in the 1990s7. Stephany Griffith-Jones: Causes and Lessons of the Mexican Peso Crisis8. Eliana Cardoso: Brazil's Macroeconomic Policies and Capital Flows in the 1990s9. Manuel R. Agosin and Ricardo Ffrench-Davis: Managing Capital Inflows in Chile10. Brian Kahn: Capital Flows and Policy Responses in South Africa in the 1990s11. Jorge Braga de Macedo: Crises? What Crises? Escudo from ECU to EMUPart III. Conclusions12. Stephany Griffith-Jones, Manuel F. Montes and Anwar Nasution: Managing Capital Surges in Emerging Economies