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Private Capital Flows and Development

The Role of National and International Policies

image of Private Capital Flows and Development

This paper considers the new forms and roles of private capital flows to developing countries in the 1990s and appropriate national and international policy responses to the problems and possibilities they create. Section 2 describes the growth of these flows in the 1990s, their role in development and some of their effects in recipient countries. Section 3 considers alternate capital account policies for developing countries. In section 4 the possibility of improved international arrangements is considered. Section 5 contains recommendations from the previous analysis.

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Executive Summary

Private capital flows to developing countries, after declining in the 1980s, increased dramatically to unprecedented levels in the first half of the 1990s. However, these private flows remain highly concentrated. There was a particularly sharp increase in international portfolio investment.

English

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