Issues Regarding the Composition of Capital Flows

John Williamson

Development Policy Review, 2001, vol. 19, issue 1, 11-29

Abstract: This article considers the composition of capital flows to developing countries. After developing a taxonomy of the alternative possible forms, it presents a brief summary of the main facts and stylised facts of relevance to the topic. It argues that accessing FDI, portfolio equity, or long‐term loans, as opposed to short‐term loans (e.g. from banks), is well worth the additional cost, because of advantages in terms of risk‐sharing, access to intellectual property, impact on investment, and lesser vulnerability to capital flow reversal. It proceeds to discuss the extent to which authorities control appropriate policy levers and concludes with a brief look at the composition of capital outflows from developing countries.

Date: 2001
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