Rethinking Capital Flows for Emerging East Asia

Stephen Grenville
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Stephen Grenville: Asian Development Bank Institute

No 362, ADBI Working Papers from Asian Development Bank Institute

Abstract: Since the 1980s, emerging countries have been urged to welcome foreign capital inflows. The result has often been a pattern of surges, where excessive inflows were followed by damaging “sudden stops” and reversals. What is needed is a strategy that makes use of the potential benefits of capital “flowing downhill” (that would require these countries to run current account deficits) while at the same time protecting them from both the excessive inflows and the reversals.

Keywords: asian financial crisis; east asia; financial markets; capital flows; current account (search for similar items in EconPapers)
JEL-codes: F21 F31 F32 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2012-06-25
New Economics Papers: this item is included in nep-opm and nep-sea
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