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Short-Term Capital Flows and Economic Crises$
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Stephany Griffith-Jones, Manuel F. Montes, and Anwar Nasution

Print publication date: 2001

Print ISBN-13: 9780198296867

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198296867.001.0001

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The Dynamics of Capital Movements to Emerging Economies During the 1990s

The Dynamics of Capital Movements to Emerging Economies During the 1990s

(p.2) (p.3) 1 The Dynamics of Capital Movements to Emerging Economies During the 1990s
Short-Term Capital Flows and Economic Crises

Peter Montiel

Carmen M. Reinhart

Oxford University Press

The growing collection of literature on the rise of capital flows in several countries across Eastern Europe, Latin America, Asia, and even in the former Soviet Union during the 1990s mainly takes on issues on whether domestic factors like structural reforms and plans on stabilizing inflation or external factors like international interest rates have a significant role in bringing about increased financial flows in developing market economies. While the macroeconomic ‘countercyclical’ policies implemented to address the rising inflows are often analyzed, few studies have attempted to examine the link between the two matters and discuss how the form of capital flows are shaped by the financial sector and the domestic capital market. As such, this chapter aims to study the changing dynamics involved in cross-border capital movements while specifically evaluating the role of policy response through direct intervention and a monetary-foreign exchange ‘policy mix’.

Keywords:   capital flows, domestic factors, external factors, policy response, direct intervention, monetary-foreign exchange policy mix

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