Changing Pattern of Financial Flows in the Asia-Pacific Region and Policy Responses

Edward K.Y. Chen

Asian Development Review (ADR), 1992, vol. 10, issue 02, 46-85

Abstract: Foreign capital inflows play an important role in supplementing and complementing the resources of developing countries in their endeavor towards development. This has been emphasized repeatedly in the development economics literature—the vicious circle hypothesis, the two-gap model, and the Kindleberger-Hymer approach to foreign direct investment (FDI). The process of economic development even in the most successful cases is necessarily long and slow. It is therefore important that foreign capital inflow be continuous and relatively predictable and stable. Disrupted financial flows can be worse than no flows. Unfortunately, the postwar experience of financial flows to developing countries indicates a considerable degree of instability…

Date: 1992
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DOI: 10.1142/S0116110592000101

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