International Capital Flows in Calm and Turbulent Times
The Need for New International Architecture
Stephany Griffith-Jones, Ricardo Gottschalk, and Jacques Cailloux, Editors
Provides a much-needed look at the role of international capital flows in recent financial crises
International Capital Flows in Calm and Turbulent Times analyzes the financial crises of the late 1990s and draws attention to the type of lenders and investors that triggered and deepened the crises. It concentrates on institutional investors and banks and provides detailed analysis of the countries most affected by the 1997-98 Asian financial crisis as well as the Czech Republic and Brazil. It also suggests necessary international financial reforms to make crises less likely.
The book is unique in its scrutiny of the type of lenders and investors that triggered and deepened the crises, focusing particularly on institutional investors and banks; allocation of their assets; the criteria used in this process; and the impact of the nature of the investor on the volatility of different types of capital flow. It addresses such questions as: What determines or triggers massive changes in perceptions and sentiment by different investors and leaders? To what extent does contagion spread not just among countries but between actors? What are the policy implications of this analysis? The book concludes by examining the asymmetries in the financial architecture discussions and implementation and by offering policy proposals.
Targeted at policymakers, financial market participants, international institutions, academics, students, and development practitioners, this book will be an important resource for anyone with a particular interest in macro, financial, and international development issues.
Stephany Griffith-Jones is Professorial Fellow at the Institute of Development Studies, University of Sussex.
Ricardo Gottschalk is Fellow at the Institute of Development Studies and Programme Director, Mphil in Development Studies, University of Sussex.
Jacques Cailloux is Economist, Barclays Capital, United Kingdom.
Praise / Awards
"Volatile capital flows disrupted economies from Asia to Latin America. This book provides valuable insights on domestic policies and international financial architecture to cope with volatility. A must for academics and policy makers."
---Carlos Massad Abud, President, Central Bank of Chile
"This excellent book shifts the attention from the follies of borrowers to the follies of lenders with detailed supply-side analysis of financial crises in emerging markets. This focus makes it a must read for investors, students and global financial 'architects'."
---Helmut Reisen, Head of Research Division I, Organisation for Economic Cooperation and Development Centre
"A balanced and enlightened approach to the main sources of financial volatility. A deep look at the main actors on the international scene: institutional investors, banks, and countries. A must-read book for researchers, students, and policy makers."
---Jose Luis Machinea, Inter-American Development Bank, Former Finance Minister of Argentina
"In the international financial arena, the mantra of G7 policy makers is that we need improved transparency by countries, stronger prudential controls and more market-sensitive risk management by financial institutions. The premise is that the failure of the international financial system to deliver strong, sustainable flows to developing countries is caused by a lack of information. This is too timid. It is a premise informed by the theoretical framework of why markets should work and not by the experience of the strong surges and reversals of capital that have destabilized so many developing countries, including those perceived to be pursuing the "right" policies. This volume analyzes the micro and macro causes of the wild swings in capital flows in a number of individual developing countries and draws some fresh and bold conclusions on what should and can be done. It will both inform and provoke."
---Professor Avinash Persaud, Global Head of Research, State Street Bank & Trust Company
Copyright © 2003, University of Michigan. All rights reserved. Posted May 2003.
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