Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277234 
Authors: 
Year of Publication: 
2012
Citation: 
[Journal:] Intervention. European Journal of Economics and Economic Policies [ISSN:] 2195-3376 [Volume:] 09 [Issue:] 1 [Year:] 2012 [Pages:] 57-90
Publisher: 
Metropolis-Verlag, Marburg
Abstract: 
Currency market intervention cum reserve accumulation has emerged as the favored »self-insurance« strategy in recipient countries of excessive private capital inflows. This paper argues that capital account management represents a less costly alternative line of defense deserving renewed consideration; especially in the absence of fundamental reform of the global monetary and financial order. Mainstream arguments in favor of financial globalization are found unconvincing. It is argued that any indirect benefits allegedly obtainable through hot money inflows are equally obtainable without actually tolerating such inflows. The paper investigates the experiences of Brazil, Russia, India and China (the BRICs) in the global crisis and subsequent recovery, focusing on their respective policies regarding capital flows.
Subjects: 
capital flows
self-insurance
capital controls
financial regulation
JEL: 
F02
F32
F33
F39
G28
O23
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.