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Coping with International Capital Flows

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Private capital flows to developing countries have increased dramatically in the 1990s. The authors identify key concerns about the sustainability and volatility of these flows and make a number of recommendations for national macroeconomic management including improving crisis prevention measures.

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Emerging Markets and the Volatility of International Capital A Historical Perspective

We are seeing a reconstruction of the truly global economy, similar in many ways to that which existed that in the period before World War I. As in that period, we expect that this global system will give rise to convergence among the economies that are open to it. There are two key mechanisms of such convergence: technology transfer and capital flows (interconnected in an important way).

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