Capital Account Regimes and the Developing Countries by Gerald K. Helleiner

By Gerald K. Helleiner

An authoritative evaluation of the talk over the position of risky inner most capital flows and their influence on constructing nations. The ebook outlines the lengthy heritage of outrage approximately those matters, going again to arrangements for the Bretton Woods contract. It assesses their acceleration with the expansion of overseas capital and appears at key case reviews from Latin the US, Asia and Africa to evaluate the probabilities and difficulties for nationwide and foreign coverage responses.

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The interactions between domestic reforms and external capital account regimes demand more careful study than they have so far received. The Impact of 'Dollarization' The implications of liberalizing the financial system to the extent of authorizing domestic residents to hold foreign currency deposits and 38 Issues and Approaches domestic financial institutions to do local business (offering deposit facilities and loans) in foreign currencies are not fully explored in this volume. Changes of this kind have been prominent in recent developing-country reforms, and they have profound implications for macroeconomic management.

G. K Helleiner 39 The Potential of Tobin-Dornbusch Taxes This volume does not seriously explore the benefits and costs of a globalized version of the taxes on cross-border transactions advocated by Dornbusch for individual nations, or other related schemes such as the Tobin tax. g. , 1996) and more work in this sphere, particularly on the Dornbusch variant, would be appropriate. VI CONCLUSIONS AND RECOMMENDATIONS Private international capital flows have become a much more important and potentially volatile element in many developing countries' economies.

As always in these matters, and other things being equal, the interests of smaller and less developed countries are more likely to be protected in fully multilateral arrangements than in discriminatory ones. Global Macroeconomic Management Implicit in the increased sensitivity to international interest rates of private international capital flows to (and from) developing countries is the need for greater consideration of the fairly immediate consequences for these flows of the macroeconomic policies of the major industrialized countries.

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