Ricardo Ffrench-Davis – From Capital Surges to Drought

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This book analyzes the new trends in capital flows to emerging markets since the Asian crisis, their determinants and policy implications. It explains why such flows have declined so dramatically in recent years, emphasising both structural and cyclical factors. Senior bankers, regulators, and well-known academics explain the behaviour of different players.

The book breaks new ground by showing in detail how such behaviour has contributed to the decline of flows and their volatility. The book suggests what coping mechanisms developing countries could adopt to deal with crisis situations; what measures should be taken at the national. And international levels to make recipient countries less vulnerable to international financial instability; how such instability can be reduced; and what can be done on the source countries to encourage larger more stable capital flows to developing countries.

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CARLOS L. BUDNEVICH Banco Central de Chile, Santiago, Chile RANDALL DODD Director, Derivatives Study Center, Washington DC, USA VALPY FITZGERALD University Reader in International Economics and Finance, University of Oxford, UK JOHN HAWKINS Senior Economist, Monetary and Economic Department, Bank for International Settlements, Basel, Switzerland GUILLERMO LARRAÍN RÍOS Chief Economist of BBVA Banco Bhif, and Associate Fellow, Centro de Economia Aplicada, Universidad de Chile, Sanitgao, Chile DAVID LUBIN Emerging Market Economist, HSBC, London, UK GRACIELA MOGUILLANSKY, Economist, Unit on Investment and corporate Strategies, United Nations Economic Commission for Latin America and the Caribbean ECLAC/CEPAL, Santiago, Chile JOSÉ ANTONIO OCAMPO

Executive Secretary, United Nation Economic Commission for Latin America AVINASH PERSAUD Managing director, State Street Bank and Trust Company and Visiting Fellow, Cambridge Endowment for Research in Finance, Judge Institute, UK HELMUT REISEN Head of Research Division, OECD Development, Paris, France STEPHEN SPRATT DPhil student, University of Sussex, UK BÁRBARA STALLINGS Director of the Economic Development Division of the United Nations Economic Commission for Latin America and the Caribbean, Santiago, Chile ROGERIO STUDART Economic Affairs Officer of the United Nations Economic Commission for Latin America and the Caribbean, Santiago, Chile JOHN WILLIAMSON Senior Fellow, Institute for International Economics, Washington DC, USA Also