https://hdl.handle.net/10419/53143 Tue, 22 Sep 2026 22:36:52 GMT 2026-09-22T22:36:52Z https://hdl.handle.net/10419/53484 Title: Central banks and capital flows Authors: Grenville, Stephen Abstract: Sudden capital outflows were at the heart of the 1997-98 Asian crisis. Ten years later, capital flows are back on the policy agenda, but in a very different context. The countries of East Asia are now getting more inflows than they can effectively absorb and the upward pressure on exchange rates is unwelcome. These capital inflows reflect an ongoing structural disequilibrium: foreign capital will be attracted by the higher returns and the prospect of currency appreciation. In this environment, the exchange rate will be poorly anchored by fundamentals, which threatens the stability of the financial system. There is a range of possible policy responses. 'Sand in the wheels,' hedging, fiscal surpluses, current account surpluses, intervention using foreign exchange reserves, domestic taxes (both on foreign income and on capital gains), taxes on inflows (unremunerated reserve requirements), better bankruptcy arrangements, and stronger prudential measures may make some contribution, but each will be limited by institutional constraints and administrative capabilities. Tue, 01 Jan 2008 00:00:00 GMT https://hdl.handle.net/10419/53484 2008-01-01T00:00:00Z https://hdl.handle.net/10419/53456 Title: Managing capital flows: The case of Thailand Authors: Sangsubhan, Kanit Abstract: The impressive recovery of Asia from the severe 1997-98 financial crisis has been achieved through, among other things, more flexible exchange rates, remarkable reductions of double mismatches in the banking systems, current account surpluses, increasing volumes of foreign direct investment, and accumulations of international reserves. New challenges have now come into view as the Asian economies have to deal with massive capital inflows. This paper aims to explain the overall picture of Thailand as regards the magnitude, types, allocation of capital inflows, impacts of the capital inflows on the financial system-the exchange rate and the interest rate-and impacts on the real sector of the economy. Additionally, a review of existing policies is carried out, together with a presentation of the policy challenges and further policy recommendations. Tue, 01 Jan 2008 00:00:00 GMT https://hdl.handle.net/10419/53456 2008-01-01T00:00:00Z https://hdl.handle.net/10419/53517 Title: Global partnership in poverty reduction: Contract farming and regional cooperation Authors: Setboonsarng, Sununtar Abstract: With globalization, market liberalization, and the rapid development of rural infrastructure, new market opportunities for high-value crops and livestock production are expanding in both developed and developing countries. This has translated into increased use of contract farming to establish market linkages for the poor in developing countries. In poor areas where smallholder subsistence production is the norm and where infrastructure and institutions to facilitate market exchange are not well established, contract farming is providing farmers with the assured sale of their crops and agro-business firms with a steady supply of agricultural output required by the market. In many instances, agro-business firms provide additional provisions, including technical support, improved farm inputs, credit, product accreditation, and assistance in the formulation of farmers' groups. Consequently, poor farmers are able to transform from traditional cultivation and management practices to market-oriented commercial production, resulting in employment generation, income growth, and greater security. This paper reviews the pros and cons of contract farming from the point of view of different stakeholders, e.g., firms, farmers, government, and donors. In particular, this work examines contract farming in the Lao PDR and Cambodia and points to contract farming of organic crops as a promising option for poor farmers as the practice is consistent with traditional practices while associated with lower health and environmental risks. While the development of market linkages for farmers is traditionally viewed as a public sector responsibility, the establishment of necessary agro-services for a large number of small, unorganized farmers requires a tremendous amount of public sector resources. Given the limited availability of government and donor resources, private sector endeavors that serve to generate pro-poor growth may be the key to poverty alleviation. Tue, 01 Jan 2008 00:00:00 GMT https://hdl.handle.net/10419/53517 2008-01-01T00:00:00Z https://hdl.handle.net/10419/53540 Title: Can ethical trade certification contribute to the attainment of the Millennium Development Goals? A review of organic and fair-trade certification Authors: Setboonsarng, Sununtar Abstract: The growth of ethical consumerism in developed countries has led to increased imports of environmentally and socially certified products produced by the poor in developing countries, which could potentially contribute towards the achievement of the Millennium Development Goals (MDGs). Among these, organic products and fair-trade products are among the rapidly growing 'ethical trade' products. This market development trend utilizes certification systems that ensure the impartiality of assessing products produced in developing countries. This paper assesses how the conditions under organic certification and fair-trade certification directly and indirectly contribute to the achievement of the MDG targets. The study finds that organic certification substantially contributes to MDG1 (poverty and hunger) and MDG7 (environmental sustainability). Farmers who follow certification requirements stand to be rewarded with substantial improvements in farming systems, premium prices, and better market access. In addition, by eliminating the risk of exposure to toxic agrochemicals, it directly contributes to health-related MDGs. Moreover, as organic agriculture contributes to mitigating climate change, certified organic farmers with established farm-monitoring systems are in better positions to receive compensation for soil carbon sequestration, when the methodology is approved. However, organic certification doesn't clearly address social aspects, which fair-trade certification directly deals with. Fairtrade certification directly targets smallholders in marginal areas, resulting in broader impacts on other non-income MDGs. In addition, financial benefits for fair-trade certification are immediate, as organic certification often requires a transition period before full certification is granted. Thus, in achieving the MDG targets, a combination of organic and fair-trade certification is recommended. This paper concludes that for this market-based development scheme to broaden its poverty impacts, public sector support in harmonizing standards, building up the capacity of certifiers, developing infrastructure development, and innovating alternative certification systems will be required. Tue, 01 Jan 2008 00:00:00 GMT https://hdl.handle.net/10419/53540 2008-01-01T00:00:00Z