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          Capital-account regimes and the developing countries (English)
          Discussion Paper by G. K. Helleiner, 1997, 26 pages
          Categories: International Financial System, Macroeconomic Policy

          This paper surveys the forms and roles of private capital flows to developing countries in the 1990s and the national and international policy responses to the problems and possibilities it has created. It describes the growth of these flows in the 1990s, and some of their effects in recipient countries. The paper then addresses the question of alternative capital account policies for developing countries, including the rationale and efficacy of various kinds of direct and indirect controls over international capital flows. It then examines the possibility of improving international arrangements, such as the provision of increased liquidity, better procedures for orderly debt workouts, and clarified international regimes.