Protecting Against Volatile Capital Flows

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This publication is a result of a meeting in Mauritius in 1997, where, at the Commonwealth Finance Ministers' request, an Expert Group was convened by the Secretary-General to recommend measures to protect countries from the destabilising effects of volatile capital flows. The Expert Group, chaired by Mr Chris Liebenberg, met in London in 1998.

Protecting Against Volatile Capital Flows summarises the Expert Group's conclusions and recommendations, including the six main lessons to be drawn from the East Asian crisis and how to reduce the probability of future crises, in terms of strengthening the surveillance of domestic financial systems in all countries, creating social safety nets, and encouraging regulatory measures. The detailed Report which was the basis for the Expert Group's discussions can be found in the Annex.



Foreword by the Commonwealth Secretary-General

When Commonwealth Finance Ministers met in Canada in September last year, the world economy was in the throes of possibly its worst ever crisis since the Great Depression of the 1930s. In their Ottawa Statement on the Global Economic Crisis, they therefore agreed that the international community should respond swiftly to preserve the stability of the international economic and financial system and protect the hard-won gains of economic liberalisation in many parts of the developing world. Ministers made several specific proposals for crisis prevention and management.


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