Short-Term Capital Flows and Economic Crises [Hardcover]

The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994--and their high development costs--raise a serious concern about the net benefits for developing countries of large flows of potentially reversible short-term international capital. Written by senior policy-makers and academics, the contributions to this volume examine in depth the macroeconomic and policy dilemmas confronting public authorities in the emerging economies as they deal with short-term capital movements, especially in the period before the outbreak of these crises.

Part I. The International and Analytical Context
1. The Dynamics of Capital Movements to Emerging Economies During the 1990s,Peter Montiel and Carmen M. Reinhart
2. Short-Term Capital Flows, the Real Economy and Income Distribution in Developing Countries,E. V. K. FitzGerald
3. The Boom of Portfolio Flows to 'Emerging Markets' and its Regulatory Implications,Jane W. D'Arista and Stephany Griffith-Jones
Part II. Case Studies
4. Korea's Management of Capital Flows in the 1990s,Won-Am Park
5. The Southeast Asian Currency Crisis,Manuel F. Montes
6. Capital Inflows and Policy Responses: The Case of Indonesia in the 1990s,Anwar Nasution
7. Causes and Lessons of the Mexican Peso Crisis,Stephany Griffith-Jones
8. Brazil's Macroeconomic Policies and Capital Flows in the 1990s,Eliana Cardoso
9. Managing Capital Inflows in Chile,Manuel R. Agosin and Ricardo Ffrench-Davis
10. Capital Flows and Policy Responses in South Africa in the 1990s,Brian Kahn
11. Crises? What Crises? Escudo from ECU to EMU,Jorge Braga de Macedo
Part III. Conclusions
12. Managing Capital Surges in Emerging Economies,Stephany Griffith-Jones, Manuel F. Montes and Anwar Nasution