International capital flows / edited by Martin Feldstein.

Format:

Book

Contributor:

Feldstein, Martin S.

Series:

Conference report (National Bureau of Economic Research)

A National Bureau of Economic Research conference report

Language:

English

Subjects (All):

Banks and banking, International.

Capital movements.

Physical Description:

1 online resource (500 p.)

Edition:

1st ed.

Place of Publication:

Chicago : University of Chicago Press, 1999.

Language Note:

English

Summary:

Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970's, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Contents:

Front matter

Contents

Preface

International Capital Flows: Introduction

1. Capital Flows to Latin America

2. Capital Flows to Eastern Europe

3. Capital Flows to East Asia

4. The Evolving Role of Banks in International Capital Flows

5. The Role of Equity Markets in International Capital Flows

6. The Role of Foreign Direct Investment in International Capital Flows

7. Risks to Lenders and Borrowers in International Capital Markets

8. Currency Crises

Biographies

Name Index

Subject Index

Notes:

Proceedings of a conference held in Woodstock, Vt., on Oct. 17-18, 1997.

Includes bibliographical references and indexes.

ISBN:

9786611223380

9781281223388

1281223387

9780226241807

0226241807

OCLC:

567949794