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Toporowski, Jan and Alves, Carolina (2019) 'Growth of international finance and emerging economies: Elements for an alternative approach.' PSL Quarterly Review, 72 (288). pp. 3-26.

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Abstract

This paper examines the increasing cross-border flows of capital involving developing and emerging economies in the past few decades. The discussion challenges the traditional economic theories based on net capital flows and deficits in current accounts to explain international borrowing by developing countries, and on the current account imbalances approach to explain financial crises. We argue that the increasing involvement of the private sector in developing countries’ external debt and the fact that the public sector, previously reliant almost entirely on official credit, has become able to access private debt markets, reflect the increasing integration of developing countries into the global financial system, and this process has particular features. A closer look at data on gross capital flows reveals that net capital flows neither explain nor capture this global financial integration.

Item Type: Journal Article
SOAS Departments & Centres: Departments and Subunits > Department of Economics
ISSN: 20373651
Copyright Statement: © 2019 Carolina Alves, Jan Toporowski. This work is licensed under a Creative Commons Attribution – Non-Commercial – No Derivatives 4.0 International License: http://creativecommons.org/licenses/by-nc-nd/4.0/
DOI (Digital Object Identifier): https://doi.org/10.13133/2037-3643_72.288_1
Date Deposited: 24 Jul 2019 07:22
URI: https://eprints.soas.ac.uk/id/eprint/31327
Funders: European Union

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