little robust evidence of the growth benefits of broad capital account liberalization, but a number of recent papers in the … microeconomic (firm- or industry-level) data shows some benefits of financial integration and the distortionary effects of capital …

restrictions in shaping capital flows at various stages of economic development. We find that, when accounting for the degree of …Does capital flow from rich to poor countries? We revisit the Lucas paradox and explore the role of capital account … capital account openness, the prediction of the neoclassical theory is confirmed: less developed countries tend to experience …

This paper provides an introduction to the new economics of prudential capital controls in emerging economies. This … decisions of individuals are distorted towards excessive risk-taking. We discuss how prudential capital controls can induce …

This paper reviews the experience with capital controls in industrial and developing countries, considers the policy … issues raised when the effectiveness of capital controls diminishes, examines the medium-term benefits and costs of an open … capital account, and analyzes the policy measures that could help sustain capital account convertibility. As the effectiveness …

In a sample of 60 developing countries, we find evidence of a strong-almost one-to-one-relationship between capital … the rest of the world has increased access to foreign private capital, the relationship between foreign capital and …-currency reserve requirements. In contrast, better policies have not only brought in more capital but also, especially for foreign …

production—can combine to motivate very large capital inflows. These inflows can either undermine attempts at monetary restraint …This paper discusses the forces driving capital flows in the transition countries of Central and Eastern Europe (CEE … policy implications of the analysis are awkward: exposure to global capital markets sets up difficult dilemmas for policy and …

integration on economic growth and also to assess whether this relationship depends on the level of economic development …, financial development, legal system development, government corruption, and macroeconomic policies. Using a wide array of …