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International Capital Flows (Paperback, New)
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International Capital Flows (Paperback, New)
Series: (NBER) National Bureau of Economic Research Conference Reports
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Recent changes in technology, along with the opening up of many
regions previously closed to investment, have led to explosive
growth in the international movement of capital. Flows from foreign
direct investment and debt and equity financing can bring countries
substantial gains by augmenting local savings and by improving
technology and incentives. Investing companies acquire market
access, lower cost inputs, and opportunities for profitable
introductions of production methods in the countries where they
invest.
But, as was underscored recently by the economic and financial
crises in several Asian countries, capital flows can also bring
risks. Although there is no simple explanation of the currency
crisis in Asia, it is clear that fixed exchange rates and chronic
deficits increased the likelihood of a breakdown. Similarly, during
the 1970s, the United States and other industrial countries loaned
OPEC surpluses to borrowers in Latin America. But when the U.S.
Federal Reserve raised interest rates to control soaring inflation,
the result was a widespread debt moratorium in Latin America as
many countries throughout the region struggled to pay the high
interest on their foreign loans.
"International Capital Flows" contains recent work by eminent
scholars and practitioners on the experience of capital flows to
Latin America, Asia, and eastern Europe. These papers discuss the
role of banks, equity markets, and foreign direct investment in
international capital flows, and the risks that investors and
others face with these transactions. By focusing on capital flows'
productivity and determinants, and the policy issues they raise,
this collection is a valuable resource for economists,
policymakers, and financial market participants.
General
Imprint: |
University of Chicago Press
|
Country of origin: |
United States |
Series: |
(NBER) National Bureau of Economic Research Conference Reports |
Release date: |
December 1999 |
First published: |
December 1999 |
Editors: |
Martin Feldstein
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Dimensions: |
228 x 154 x 3mm (L x W x T) |
Format: |
Paperback
|
Pages: |
578 |
Edition: |
New |
ISBN-13: |
978-0-226-24104-3 |
Categories: |
Books >
Business & Economics >
Economics >
International economics >
International finance
|
LSN: |
0-226-24104-1 |
Barcode: |
9780226241043 |
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