Private capital flows to developing countries : the road to financial integration
Author(s)
Bibliographic Information
Private capital flows to developing countries : the road to financial integration
(A World Bank policy research report)
Oxford University Press for the World Bank, 1997
Available at 48 libraries
  Aomori
  Iwate
  Miyagi
  Akita
  Yamagata
  Fukushima
  Ibaraki
  Tochigi
  Gunma
  Saitama
  Chiba
  Tokyo
  Kanagawa
  Niigata
  Toyama
  Ishikawa
  Fukui
  Yamanashi
  Nagano
  Gifu
  Shizuoka
  Aichi
  Mie
  Shiga
  Kyoto
  Osaka
  Hyogo
  Nara
  Wakayama
  Tottori
  Shimane
  Okayama
  Hiroshima
  Yamaguchi
  Tokushima
  Kagawa
  Ehime
  Kochi
  Fukuoka
  Saga
  Nagasaki
  Kumamoto
  Oita
  Miyazaki
  Kagoshima
  Okinawa
  Korea
  China
  Thailand
  United Kingdom
  Germany
  Switzerland
  France
  Belgium
  Netherlands
  Sweden
  Norway
  United States of America
Note
Bibliography: p. 391-406
Description and Table of Contents
Description
The world's financial markets are rapidly integrating into a single global marketplace, and developing countries are being drawn into this process starting from different points and moving at various speeds. Those with adequate institutions and sound policies in place may proceed smoothly along the road toward financial integration and gain the many benefits that integration can bring. Most of the developing economies, however, lack many of the necessary prerequisites for such a move; a few are so unprepared that integration may do them more harm than good. Developing countries may have little choice about whether to follow this path - advances in communications and new developments in finance have made the course inevitable - but they may still choose the ways in which they proceed, choosing the policies that benefit the economy and averting potential shocks. This World Bank report looks at the important challenges both sets of countries face in a new age of global capital.
The book presents new and compelling evidence that, while low interest rates in industrial countries provided an initial impetus to the surge in private capital flows during 1989-93, these flows have entered a new phase, driven by increased financial integration. The report analyzes the causes and effects of integration, with a particular emphasis on how developing countries in the nascent stages of integration can learn from the experiences of the more rapidly integrating developing countries. The first half of the report provides the setting, analyzing the process of financial integration, the forces driving private capital to developing countries, and the potential benefits of integration. The second half looks at the domestic policy challenges that developing countries must overcome, including the macroeconomic problems of an overheating economy, reforms in the domestic financial sector, and the agenda for capital market reform.
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