International Capital Flows, Financial Stability and Growth (original) (raw)
UN Department of Economic and Social Affairs (DESA) Working Papers
The explosion and dramatic reversal of capital fl ows to emerging markets in the 1990s have ignited a heated debate, with many arguing that globalization has gone too far and that international capital markets have become extremely erratic. In contrast, others have emphasized that globalization allows capital to move to its most attractive destination, fuelling higher growth. This paper reexamines the characteristics of international capital fl ows since 1970 and summarizes the fi ndings of research of the 1990s on the behaviour of international investors as well as the short-and long-run effects of globalization on fi nancial markets and growth.
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