International Risk Tolerance, Capital Market Failure and Capital Flows to Emerging Markets

Valpy Fitzgerald

No RP2006-35, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: The level, tenor and instability of capital flows from global financial markets towards developing countries are a major source of concern for macroeconomic managers, while their causes remain largely unexplained by economic theory. Country 'fundamentals' (such as economic growth, monetary stability and institutional capacity) as sources of default risk have been the main focus of economic research and policy prescriptions.

Keywords: Capital market; International finance; Risk management (search for similar items in EconPapers)
Date: 2006
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