Derivatives, the Shape of International Capital Flows and the Virtues of Prudential Regulation

Abstract

As matter of policy, capital markets in many parts of the developing world were ‘liberalized’ during the 1990s in order to open up the markets to greater flows and a wider array of capital vehicles. 1 This policy succeeded, and private capital flows to developing countries both increased and increasingly took the form of securities such as stocks and bonds (Tables 6.1 and 6.2). Even part of the growth in direct foreign investment took the form of purchases of equity securities. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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