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Governing GlobalizationIssues and Institutions$
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Deepak Nayyar

Print publication date: 2002

Print ISBN-13: 9780199254033

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199254033.001.0001

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Capital Flows to Developing Countries and the Reform of the International Financial System

Capital Flows to Developing Countries and the Reform of the International Financial System

Chapter:
(p.108) 5 Capital Flows to Developing Countries and the Reform of the International Financial System
Source:
Governing Globalization
Author(s):

Yilmaz Akyüz

Andrew Cornford

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199254033.003.0005

A great many features of the current international financial system have a significant bearing on international capital flows. Thus, proposed reforms of this system can generally be expected to affect the scale and character of these flows. The survey in this chapter concerns policies which have been at the centre of discussion since the East Asian crisis of 1997 but even so it is not comprehensive. This chapter reviews major features of developing countries' experience of external financing since the 1960s, paying special attention to shifts in the relative importance of private capital inflows and to their volatility. It contains a schematic account of the features of financial instability and crises, which is intended to serve as a backdrop for the policy discussion which follows and covers a selection of the policies. The policies in question include actions to be taken at both national and international levels as well as combinations of the two.

Keywords:   international financial system, capital flows, East Asian crisis, external financing, financial instability, policies, developing countries, reforms, volatility

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