Kiel Working Papers, Kiel Institute for World Economics
No 1036:
Too Much, Too Little, or Too Volatile? International Capital Flows to Developing Countries in the 1990s
Peter Nunnenkamp
Abstract: Developing countries are constrained in financing current
account deficits as real capital mobility is still far from perfect. At the
same time, capital flows to these countries proved to be extremely
volatile. The paper argues that the long-term problem of "too little"
should not be confused with the short-term problem of "too volatile". The
former is related to sovereign risk, which may be difficult to overcome.
The latter could be kept within limits by financial restructuring towards
relatively stable types of capital flows.
Keywords: international capital markets, developing countries, debt, equity investment, sovereign risk, volatility; (follow links to similar papers)
JEL-Codes: F21; F32; G15; (follow links to similar papers)
35 pages, April 2001
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