Research Catalog
The Recent Experience with Capital Flows to Emerging Market Economies
- Title
- The Recent Experience with Capital Flows to Emerging Market Economies [electronic resource] / Sveinbjörn Blöndal and Hans Christiansen
- Author
- Blöndal, Sveinbjörn.
- Publication
- Paris : OECD Publishing, 1999.
Available Online
Details
- Additional Authors
- Christiansen, Hans.
- Description
- 31 p.; 21 x 29.7cm.
- Summary
- This paper summarises key points of the recent extensive discussion of the factors behind the volatility of cross-border capital flows in emerging market countries and possible corrective measures. The root cause of the recent volatility of capital flows seems to have been excessive credit and currency risk-taking by banks, which in turn was related to moral hazard problems, failure of prudential regulations and bank supervision, and weak effective standards of financial disclosure. Macroeconomic factors also played a role, with a widening deficit on the balance of payments and fixed (or predictable) exchange rates gradually undermining confidence of creditors and investors. Liquidity problems may have amplified the reaction to adverse news, and herd behaviour and contagion may also have exaggerated reaction to changing fundamentals and transmitted crises from one country to another. Capital controls, which have been extensively used in emerging market countries, may not be very ...
- Series Statement
- OECD Economics Department Working Papers, 1815-1973 ; no.211
- Uniform Title
- OECD Economics Department Working Papers, no.211.
- Subject
- Economics
- LCCN
- 10.1787/387426718682
- OCLC
- oecd-lib-003704
- Author
- Blöndal, Sveinbjörn.
- Title
- The Recent Experience with Capital Flows to Emerging Market Economies [electronic resource] / Sveinbjörn Blöndal and Hans Christiansen
- Imprint
- Paris : OECD Publishing, 1999.
- Series
- OECD Economics Department Working Papers, 1815-1973 ; no.211OECD Economics Department Working Papers, 1815-1973 ; no.211.
- Connect to:
- Indexed Term
- Economics
- Added Author
- Christiansen, Hans.
- Other Standard Identifier
- 10.1787/387426718682 doi