International Capital Flows, Financial Stability and Growth

Graciela Kaminsky ()

Working Papers from United Nations, Department of Economics and Social Affairs

Abstract: The explosion and dramatic reversal of capital flows 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 re-examines the characteristics of international capital flows since 1970 and summarizes the findings of research of the 1990s on the behaviour of international investors as well as the short- and long-run effects of globalization on financial markets and growth.

Keywords: international capital flows; globalization; mutual funds; stock market prices; financial liberalization. (search for similar items in EconPapers)
JEL-codes: F30 F32 F33 F34 F36 G12 G15 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2005-12
New Economics Papers: this item is included in nep-dev, nep-fdg, nep-fin, nep-fmk and nep-sea
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Citations: View citations in EconPapers (17)

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Persistent link: https://EconPapers.repec.org/RePEc:une:wpaper:10

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