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M. Ayhan Kose and Prasad Eswary


What accounts for the surge of cross-border capital flows over the past two decades? Capital account liberalization provides a big part of the answer. But while the increase in these flows since the mid-1980s—both between industrial countries and from industrial to developing countries—has been associated with a number of benefits, it has also played a role in a number of financial crises. This raises some fundamental questions. Why have many developing countries followed the advanced economies and signed on to capital account liberalization despite the risks, and is it really the culprit that some anti-globalizers have made it out to be?

David Dollar and Aart Kraay


How has the increased participation of many developing countries in international trade affected their economic growth rates, and what implications has this had for the international distribution of income and the incidence of poverty?

Mr. Eswar S Prasad, Raghuram Rajan, and Mr. Arvind Subramanian


Is foreign capital associated with economic growth and, if not, why does it flow “uphill”?

Ceyla Pazarbaşloğlu, Mr. Mangal Goswami, and Mr. Jack J Ree


The implications for financial stability of the sharp rise in international capital flows