Swings and Paradoxes in International Capital Markets: A Theoretical Note

Sunanda Sen

Cambridge Journal of Economics, 1991, vol. 15, issue 2, 179-98

Abstract: Recent swings in the international capital markets, from bank credit to securities, reflect the attempts on the part of financial institutions to avoid a return flow of capital which also averts a realization crisis at a macro level. Models of accumulation and capital exports can interpret the related dominance of the finance related rentier interest in these countries which contributes to a booming service sector. The swing has swapped the net flow of finance in the direction of the South which now generates a much reduced demand for commodity imports from the North. Copyright 1991 by Oxford University Press.

Date: 1991
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