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International Capital Flows in Calm and Turbulent Times: The Need for New International Architecture
Stephany Griffith-Jones, Ricardo Gottschalk, and Jacques Cailloux, Editors
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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.
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.
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Cover
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Title
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Copyright
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Contents
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List of Figures
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List of Tables
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Preface
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1. Global Capital Flows to East Asia: Surges and Reversals
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2. The Role of Mutual Funds and Other International Investors in Currency Crises
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3. International Bank Lending and the East Asian Crisis
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4. Foreign Capital Flows to Thailand: Determinants and Impact
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5. Capital Flows into and from Malaysia
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6. The Recent Economic Crisis in Indonesia: Causes, Impacts, and Responses
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7. Who Destabilized the Korean Stock Market?
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8. The Currency Shake-up in 1997: A Case Study of the Czech Economy
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9. The Swings in Capital Flows and the Brazilian Crisis
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10. The Financial Crises of the Late 1990s: Summary and Policy Lessons
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11. Key Elements for a New International Financial Architecture
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Contributors
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Index
Citable Link
Published: 2003
Publisher: University of Michigan Press
- 978-0-472-02482-7 (ebook)
- 978-0-472-11309-5 (hardcover)