English, Article, Journal or magazine article edition: The Recent Experience with Capital Flows to Emerging Market Economies Sveinbjörn Blöndal; Hans Christiansen

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  • preprint
Language
  • English

Edition details

Title
  • The Recent Experience with Capital Flows to Emerging Market Economies
Author
  • Sveinbjörn Blöndal
  • Hans Christiansen
Physical Description
  • preprint
Notes
  • This paper summarises key points of the recent extensive discussion of the factors behind the volatility of cross-border capital flows in emerging market countries and possible corrective measures. The root cause of the recent volatility of capital flows seems to have been excessive credit and currency risk-taking by banks, which in turn was related to moral hazard problems, failure of prudential regulations and bank supervision, and weak effective standards of financial disclosure. Macroeconomic factors also played a role, with a widening deficit on the balance of payments and fixed (or predictable) exchange rates gradually undermining confidence of creditors and investors. Liquidity problems may have amplified the reaction to adverse news, and herd behaviour and contagion may also have exaggerated reaction to changing fundamentals and transmitted crises from one country to another. Capital controls, which have been extensively used in emerging market countries, may not be very ... Ce document résume les points clés des importantes discussions récentes concernant les facteurs sousjacents à la volatilité des flux de capitaux trans-frontière dans les pays aux marchés émergents ainsi que les éventuelles mesures correctrices. La cause principale de la volatilité récente des flux de capitaux semble avoir été une prise de risque excessive des banques au niveau du crédit et des monnaies. Ceci est lié à des problèmes de risques moraux, à l’échec des règlements prudentiels et des contrôles bancaires ainsi qu’à la faiblesse des supports effectifs dans le domaine de la communication financière. Les facteurs macroéconomiques ont aussi joué leur rôle. Une augmentation du déficit de la balance des payements ainsi que des taux de change fixes (ou prévisibles) ont lentement sapé la confiance des créanciers et des investisseurs. Les problèmes de liquidité ont peut-être amplifié la réaction aux informations défavorables et le comportement grégaire ainsi que des phénomènes de ...
  • RePEc:oec:ecoaaa:211-en
Language
  • English
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