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Barry Eichengreen – Capital Flows and Crises

Barry Eichengreen – Capital Flows and Crises

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One of the most divisive and poorly understood topics in modern economics is how capital mobility affects growth and stability. Barry Eichengreen covers historical, theoretical, empirical, and policy facets of the consequences of capital flows, including both positive and negative effects. Along with the links between capital flows and growth, he focuses on the linkages between capital flows and crises. According to Eichengreen, the efficiency of resource allocation and the pace of economic development may both benefit from international financial liberalization, just like other types of economic liberalization. However, evaluations of current and historical experience also point to an indisputable link between capital mobility and crises, particularly in the context of weak domestic institutions and insufficient capital account liberalization and other policy changes. In his conclusion, Eichengreen offers advice on how to structure policies such that the advantages of global financial liberalization are maximized while the risks of financial instability are reduced.

Financial Development Course

Financial development means some improvements in producing information about possible investments and allocating capital, monitoring firms and exerting corporate governance, trading, diversification, and management of risk, mobilization and pooling of savings, easing the exchange of goods and services.

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