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This paper -- a product of the International Finance Division, International Economics Department -- is part of a larger effort in the department to address issues related to the economic management of capital flows to developing countries. Copies of the paper are available free from the World Bank, 1818 H Street NW, Washington, DC 20433. Please contact Rose Vo, room N3-046, telephone 202-473-1047, fax 202-522-3277, Internet address hvol@worldbank.org. April 1996. (24 pages) Tbe Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less tban fully polished. Tbe papers carry the names of the authors and should be used and cited accordingly. Tbe findings, interpretations, and conclusions are the authors' own and should not be attributed to the World Bank, its Executive Board of Directors, or any of its member countries
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