- Robert Kahn, Adam Bennett, María Carkovic S., and Susan Schadler
- Published Date:
- September 1993
Recent Experiences with Surges in Capital Inflows
Susan Schadler, Maria Carkovic, Adam Bennett, and Robert Kahn
INTERNATIONAL MONETARY FUND
© 1993 International Monetary Fund
Recent experiences with surges in capital inflows / Susan Schadler … [et al.].—Washington, DC: International Monetary Fund, 
p. cm. — (Occasional paper : 108)
Includes bibliographical references (p.).
1. Capital movements—Developing countries. 2. Developing countries—Economic policy. I. Schadler, Susan II. International Monetary Fund. III. Series: Occasional paper (International Monetary Fund); 108.
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- I. Introduction
- II. Overview
- III. Causes of Surges in Capital Inflows
- IV. Policy Responses
- V. Effects of the Inflows
- VI. Conclusions
- Appendix I. Capital Mobility: The Empirical Evidence
- Appendix II. Statistical Tables
- Box 1 Timing and Sequencing of Policy Responses to Capital Inflows
- Box 2 Exchange Rate Policy Changes During Episodes
- Box 3 Controls, Taxes, and Other Impediments to Capital Inflows During Episodes
- Box 4 Elimination of Restrictions on Capital Outflows During Episodes
- Box 5 Data Sources and Transformations
- 1. Capital Inflows
- V. 5. Monetary Developments During Periods of Surges in Capital Inflows
- A1. Capital Accounts Flows
- 1. Interest Rates, Growth, and Capital Flows
- IV. 4. Nominal Exchange Rate Indices
- V. 5. Local Currency Indices of Stock Market Prices
The following symbols have been used throughout this paper:
… to indicate that data are not available;
— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
– between years or months (e.g., 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.
This paper is based on a study that was carried out as part of the IMF’s ongoing process of reviewing and assessing the experience of member countries in addressing macroeconomic policy problems. It includes information available as of mid-1993. The authors are indebted to Humberto Lopez for his contribution to the empirical analysis of capital mobility while he was a summer intern at the Fund in mid-1992. The authors also appreciate the contribution of numerous members of Fund area departments who made detailed comments on the paper and to Kirsten Fitchett who provided research assistance, and to Olivia Carolin and Anna Vahdati, who provided secretarial assistance. They wish to thank Juanita Roushdy of the External Relations Department, who edited the manuscript and coordinated its publication, and Alicia Etchebarne-Bourdin and the IMF Graphics Section, who provided composition and artwork.
The opinions expressed in the paper are those of the authors and do not necessarily reflect the views of the IMF or of its Executive Directors.