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« Is export-led growth passe? | Main | A good development blog »

September 16, 2008

Comments

Minivet

B-but financial liberalization must have good results! It has the word "liberalization" in it; what more do you want?!

Rich C

Doesn't this square very nicely with your argument on the link between real exchange rates and growth? That a high real exchange rate retards growth, while a low exchange rate stimulates it? At least, it seems like one would expect that a bonanza of capital inflows would raise the exchange rate (unless met with a similar bonanza of outflows), which in turn would slow export growth and increase the liklyhood of a asset price bubble.

Kasinomics

Why would that be a conundrum? If you are good at any sport, you will be invited to competitions, which will motivate you to exercise even more ;-)

If a country liberalizes its capital markets, it needs to invest also in financial regulation, improve financial standards and increase liquidity of the domestic capital markets to withstand shocks from a reversal of capital flows.

MS

I reckon private capital is going to be volatile whatever governments do to keep it within their territory. If all countries were equally competitive and if capital was not in limited supply,institutional reforms would have benefitted all. Unfortunately in this game someone somewhere has to lose.

RJR

The whole concept of "capital inflow" is a distortion. Capital is made of assets. The assets are accumulating to the other side. What flows in is credit. That credit can be used to by other assets, but it can also be squandered on mere consumption.

When foreign money flows into a stock market, the assets (stocks) are flowing out, not in. There is nothing controversial about the impoverishing effects of so called "capital inflows". It is just an Orwellian phrase to make people accept enormous debts.

Manuel Agosin

With a student, I wrote a very similar paper, looking at the issue from the point of view of the capital account. But I have had no takers as readers or commentators. I guess you have to be in the circuit to garner attention.

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