Capital flows and crises / Barry Eichengreen.

Includes bibliographical references (pages 337-361) and index.

I. Background. 1. Introduction -- 2. A century of capital flows -- II. Capital account liberalization. 3. Capital account liberalization : what do the cross-country studies tell us? -- 4. When does capital account liberalization help more than it hurts? / with Carlos Arteta and Charles Wyplosz -- III. Crises. 5. Exchange market mayhem : the antecedents and aftermath of speculative attacks / with Andrew Rose and Charles Wyplosz -- 6. Contagious currency crises / with Andrew Rose and Charles Wyplosz -- 7. The Baring crisis in a Mexican mirror -- 8. The EMS crisis in retrospect -- 9. Understanding Asia's crisis -- IV. Policy implications. 10. Capital controls : capital idea or capital folly? -- 11. Taming capital flows.

Print version record.

The implications of capital mobility for growth and stability are some of the most contentious and least understood contemporary issues in economics. In this book, Barry Eichengreen discusses historical, theoretical, empirical, and policy aspects of the effects, both positive and negative, of capital flows. He focuses on the connections between capital flows and crises as well as on those between capital flows and growth.Eichengreen argues that international financial liberalization, like other forms of economic liberalization, can positively affect the efficiency of resource allocation and the rate of economic growth. But analyses of both recent and historical experience also show an undeniable association between capital mobility and crises, especially when domestic institutions are weak and the harmonization of capital account liberalization and other policy reforms is inadequate. In his conclusion, Eichengreen makes suggestions for policy design to maximize the benefits of international financial liberalization while minimizing the risks of financial instability.

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