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Short-Term Capital Flows and Economic Crises$
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Stephany Griffith-Jones, Manuel F. Montes, and Anwar Nasution

Print publication date: 2001

Print ISBN-13: 9780198296867

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198296867.001.0001

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Short-Term Capital Flows, the Real Economy, and Income Distribution in Developing Countries

Short-Term Capital Flows, the Real Economy, and Income Distribution in Developing Countries

Chapter:
(p.29) 2 Short-Term Capital Flows, the Real Economy, and Income Distribution in Developing Countries
Source:
Short-Term Capital Flows and Economic Crises
Author(s):

E. V. K. Fitzgerald

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198296867.003.0002

Developing countries have access to international savings that would enable the raising of the rate of investment. As such, the effects brought about by exogenous shocks could be lessened while efficiency gains from competitive technology and financial skills transfers are also realized. However, these ‘middle-income’ countries that are currently undergoing transitions to industrialization have to deal with the destabilizing effects that are brought on by short-term capital flows that could result in changes in exchange and interest rates, domestic credit levels, and asset values. To address such matters, international institutions resort to modifying certain policies and lending schemes while national authorities implement changes to monetary and fiscal policies. This chapter identifies the often negative effects on the real economy that are caused by short-term capital flows and how these affects the income distribution and sustainable growth of developing countries.

Keywords:   developing countries, short-term capital flows, policies, income distribution, destabilizing effects, industrialization

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