Determinants and Systemic Consequences of International Capital Flows
The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies. Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market access by developing countries. These are among the findings of this study of capital flows in the 1970s and the 1980s.
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adjustment asset prices bonds capital controls capital flight capital markets capital outflows central bank CHIPS cial clearing bank clearinghouse costs credit risk creditworthiness crisis currency current account deficits daylight overdrafts debit debt-servicing debtor default risk deposits diversification effects eign direct investment estimates Eurocurrency example exchange rate external debt Federal Reserve Fedwire financial institutions financial markets fiscal deficits foreign direct investment foreign exchange hypothesis incentives income increased indebted developing countries industrial countries inflation inflows instruments interbank interest rate interest rate swap international capital flows International Monetary Fund intraday investors issues kets liquidity loans macroeconomic major ment monetary policy multinational firms nomic official creditors official transfers offshore overdrafts participants payment systems percent portfolio rates of return reduce Reserve Bank result risks of holding role sector securities settlement systems short-term swaps systemic risk theory tion trade transactions U.S. dollars United veloping World Economic Outlook
Page 1963 - oil exporting countries" and "non-oil developing countries." The countries covered under the heading oil exporting countries1 are Algeria Indonesia Iran, Islamic Republic of Iraq Kuwait Libyan Arab Jamahiriya Nigeria Oman Qatar Saudi Arabia United Arab Emirates Venezuela The other developing countries, or non-oil developing countries, include all Fund members (as of March 3 1 , 1984) except those listed above as being "industrial countries...