Sustainability Of Private Capital Flows To Developing Countries
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Author | : Leonardo Hernández |
Publisher | : |
Total Pages | : 0 |
Release | : 2005 |
Genre | : |
ISBN | : |
Since 1989, private capital flows to a select group of developing countries have increased sharply, but developments in 1994 have caused concern about the sustainability of those flows. Several highly indebted developing countries that are implementing reform are concerned that a generalized reversal - similar to episodes of capital flight in the early 1980s - might disrupt their economies and threaten economic reform. Because the surge in private capital flows coincided with a period of low international interest rates and intensive policy reform in developing countries, debate has been active about whether the surge is driven mainly by domestic (pull) or external (push) factors. Under the pull hypothesis, successful domestic policies are the key to ensuring sustainable capital inflows; under the push hypothesis, an increase in international interest rates would cause a reversal of those flows (back to the industrial world). Using a partial adjustment model in which both domestic and external variables are defined, the authors explain why private capital flows to some developing countries but not to others (using panel data for 1986-93 for 22 countries). They argue that a generalized reversal is unlikely in countries that maintain a fundamentally sound macroeconomic environment. In fact, their empirical results show that domestic factors such as domestic savings and investment ratios significantly affected the recent surge in capital inflows. Further, they suggest that countries that have not received significant foreign capital - including countries in sub-Saharan Africa - could begin to if they implemented structural reforms that allow them to export, save, and invest at higher rates. Reducing their foreign debt (which might call for a continuation of recent debt reduction operations) could also help attract foreign private investors.
Author | : Leonardo Hernández |
Publisher | : World Bank Publications |
Total Pages | : 44 |
Release | : 1995 |
Genre | : Capital movements |
ISBN | : |
Author | : Heinz P. Rudolph |
Publisher | : |
Total Pages | : 22 |
Release | : 1995 |
Genre | : |
ISBN | : |
Author | : Bradford S. Gentry |
Publisher | : Edward Elgar Publishing |
Total Pages | : 408 |
Release | : 1998 |
Genre | : Business & Economics |
ISBN | : |
Describes patterns of private investment in Latin America and analyzes their impact on the environment, concluding that improved environmental performance can accompany foreign direct investment. Shows how governments of developing countries can attract foreign investors by integrating environmental considerations into their investment promotion efforts, and identifies points of leverage for actions by governments, investors, environmental groups, and customers to increase environmental benefits. Material grows out of a study launched at the Yale Center for Environmental Law and Policy in 1995. Annotation copyrighted by Book News, Inc., Portland, OR
Author | : Hilary F. French |
Publisher | : |
Total Pages | : 82 |
Release | : 1998 |
Genre | : Business & Economics |
ISBN | : |
Author | : Guillermo de la Dehesa |
Publisher | : |
Total Pages | : 52 |
Release | : 1994 |
Genre | : Capital movements |
ISBN | : |
Author | : Eduardo Fernandez-Arias |
Publisher | : World Bank Publications |
Total Pages | : 48 |
Release | : 1994 |
Genre | : Capital movements |
ISBN | : |
Author | : Uri Dadush |
Publisher | : |
Total Pages | : 54 |
Release | : 1994 |
Genre | : Capital movements |
ISBN | : |
Author | : |
Publisher | : World Bank Publications |
Total Pages | : 432 |
Release | : 1997 |
Genre | : Business & Economics |
ISBN | : 9780195211160 |
This book analyzes the process of international financial integration and the structural forces driving private capital to developing countries. Against this background, it details the potential benefits of integration and the implications of fast-moving global capital flows for emerging economics. Examining the experience of countries that have attracted substantial private capital flows, the book provides invaluable guidance as to what works and what doesn't during the transition to financial integration. It will be of compelling interest to policymakers and also to international investors and bankers, financial analysts, and researchers.
Author | : Guillermo de la Dehesa (Banquier) |
Publisher | : |
Total Pages | : 42 |
Release | : 1994 |
Genre | : |
ISBN | : |