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International Financial MarketsThe Challenge of Globalization$
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Leonardo Auernheimer

Print publication date: 2003

Print ISBN-13: 9780226032146

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226032153.001.0001

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Capital Flows or Capital Flaws?

Capital Flows or Capital Flaws?

Chapter:
(p.147) Chapter Four Capital Flows or Capital Flaws?
Source:
International Financial Markets
Author(s):

Guillermo A. Calvo

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226032153.003.0005

This chapter presents an overview of recent financial crises in emerging market economies (EMs) with the goal of understanding their nature, find effective solution and prevent their future occurrence. It proposes the hypothesis that EMs suffer from serious credibility problems and highly incomplete financial structures. This chapter provides examples of how capital flows could lead to socially costly crises and explains that some its flaws stem from imperfect information and incomplete markets. It also examines the role of the banking system, maturity of public-sector debt, exchange rates and controls on capital mobility.

Keywords:   financial crises, emerging market economies, incomplete financial structures, capital flows, banking system, public-sector debt, exchange rate

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