By Sebastian Edwards
Some students argue that the unfastened circulation of capital throughout borders complements welfare; others declare it represents a transparent peril, specifically for rising international locations. In Capital Controls and Capital Flows in rising Economies, an esteemed staff of participants examines either the benefits and the pitfalls of limiting capital mobility in those rising nations.
In the aftermath of the East Asian forex crises of 1997, the authors contemplate mechanisms that 8 international locations have used to regulate capital inflows and overview their effectiveness in changing the adulthood of the ensuing exterior debt and decreasing macroeconomic vulnerability. This quantity is vital examining for all these attracted to rising international locations and the prices and merits of limiting overseas capital flows.
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Additional info for Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences (National Bureau of Economic Research Conference Report)
See Obstfeld and Rogoﬀ (2000) for an overview of the major puzzles in international economies. Capital Flows in a Globalized World 23 neoclassical theory, the fact that more capital does not flow from rich countries to poor countries constitutes a paradox. Lucas’s work has spawned an extensive theoretical literature. Researchers, including Lucas himself, show that with slight modifications of the basic neoclassical theory, such as changing the production structure, adding an internationally immobile factor such as human capital, or deviating from perfect markets assumption, the paradox disappears.
What about pre-1970 capital flows? 15 An upswing in capital mobility occurred from 1880 to 1914 during the gold standard period. Before 1914, capital movements were free and flows reached unprecedented levels. The international financial markets broke up during World War I. In the 1920s, policymakers around the world tried to reconstruct the international financial markets. Britain returned to the gold standard in 1925 and led the way to restoring the international gold standard for a short period.
In addition, because of missing or insuﬃcient portfolio data (some countries tend not to receive portfolio flows, due in part to lack of 17. The balance of payment is a record of a country’s transactions with the rest of the world. The financial account within the balance of payments, broadly speaking, keeps track of transactions in financial assets. It reports changes in the asset position (assets and liabilities) of a country vis-à-vis the rest of the world. S. S. S. liabilities to foreigners (a credit of $10 million).