{
  "title": "Determinants and Systemic Consequences of International Capital Flows",
  "publication": "Occasional Papers, April 15, 1991",
  "sourceUrl": "https://www.imf.org/en/publications/occasional-papers/issues/2016/12/30/determinants-and-systemic-consequences-of-international-capital-flows-272",
  "canonical": "https://www.imf.org/en/publications/occasional-papers/issues/2016/12/30/determinants-and-systemic-consequences-of-international-capital-flows-272",
  "overlayPath": "/en/publications/occasional-papers/issues/2016/12/30/determinants-and-systemic-consequences-of-international-capital-flows-272/index.md",
  "summary": "The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies.\n- Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market access by developing countries.\n- These are among the findings of this study of capital flows in the 1970s and the 1980s."
    },
    {
      "heading": "Key findings and implications",
      "content": "- Integration of capital markets increases the incentive for international policy coordination.\n- Structural changes in financial markets can:\n  - Undermine the effectiveness of monetary policy.\n  - Undermine the effectiveness of fiscal policy.\n  - Complicate market access for developing countries."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Balance of payments, Banking, Capital flows, Capital outflows, Credit, Financial markets, Foreign direct investment, Money, Payment systems\n- Keywords: Asia and Pacific, bank, capital flight, Capital flows, Capital outflows, clearinghouse, Credit, currency firm, debt, Europe, foreign currency, Foreign direct investment, Global, increases in capital capital flight, North America, OP, payment, payment system, Payment systems, point of view, stemming capital flight, U.S. dollar"
    },
    {
      "heading": "Access and formats",
      "content": "- More Formats on IMF eLibrary\n- Order a Print Copy\n- Citation format example provided: Chicago\n\nSource: IMF publication landing page for \"Determinants and Systemic Consequences of International Capital Flows.\"\n\n---\n\n\nSource: https://www.imf.org/en/publications/occasional-papers/issues/2016/12/30/determinants-and-systemic-consequences-of-international-capital-flows-272"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/occasional-papers/issues/2016/12/30/determinants-and-systemic-consequences-of-international-capital-flows-272/index.md)",
    "[Structured JSON version](/en/publications/occasional-papers/issues/2016/12/30/determinants-and-systemic-consequences-of-international-capital-flows-272/index.json)",
    "[Bundle manifest](/en/publications/occasional-papers/issues/2016/12/30/determinants-and-systemic-consequences-of-international-capital-flows-272/bundle-manifest.json)",
    "Authors: D. F. I. Folkerts-Landau, Donald J Mathieson, Morris Goldstein, Liliana Rojas-Suárez, José Saúl Lizondo, Timothy D. Lane",
    "Published: April 15, 1991",
    "Series: Occasional Papers",
    "DOI: https://doi.org/10.5089/9781557752055.084",
    "The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies.",
    "Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market access by developing countries.",
    "These are among the findings of this study of capital flows in the 1970s and the 1980s.",
    "Integration of capital markets increases the incentive for international policy coordination.",
    "Structural changes in financial markets can:",
    "Subject: Balance of payments, Banking, Capital flows, Capital outflows, Credit, Financial markets, Foreign direct investment, Money, Payment systems",
    "Keywords: Asia and Pacific, bank, capital flight, Capital flows, Capital outflows, clearinghouse, Credit, currency firm, debt, Europe, foreign currency, Foreign direct investment, Global, increases in capital capital flight, North America, OP, payment, payment system, Payment systems, point of view, stemming capital flight, U.S. dollar",
    "More Formats on IMF eLibrary",
    "Order a Print Copy",
    "Citation format example provided: Chicago"
  ],
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    "markdown": "/en/publications/occasional-papers/issues/2016/12/30/determinants-and-systemic-consequences-of-international-capital-flows-272/index.md",
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  "generatedAtUtc": "2026-09-20T17:42:50.954Z"
}