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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 Boom of Portfolio Flows to ‘Emerging Markets’ and its Regulatory Implications

The Boom of Portfolio Flows to ‘Emerging Markets’ and its Regulatory Implications

(p.52) 3 The Boom of Portfolio Flows to ‘Emerging Markets’ and its Regulatory Implications
Short-Term Capital Flows and Economic Crises

Jane W. D’arista

Stephany Griffith-Jones

Oxford University Press

In the advent of various developments in international financial markets, foreign portfolio investments have assumed an emerging role as a channel for international capital flows to a number of developing countries. While these countries experienced several challenges between 1979 to 1982 because of the recession, oil price increase, and the shift in US macroeconomic policy, the period between 1983 and 1989 entailed a decline in the net international capital flows received by developing countries because of the high levels of negative net transfers of resources from various countries in Latin America to banks. Since foreign direct investments were the only option of channeling in net capital flows for countries in the Western Hemisphere, such also became the case for developing countries in Asia. This chapter examines the implications of utilizing foreign portfolio investments in facilitating international capital flows specifically to developing countries.

Keywords:   international finance markets, foreign portfolio investments, foreign direct investments, international capital flows, developing countries

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