Ruling Capital:Emerging Markets and the Reregulation of Cross-Border Finance
Book Summary
Until two decades ago, most cross-border capital flows were among developed nations. Presently, emerging markets and developing countries are becoming actively involved in these global capital flows.
U.S. and European policy makers, as well as global financial institutions controlled by developed nations, vociferously opposed the efforts of national governments at the time of the Asian and Russian Ruble crises of the late 90s. However, these policy makers took completely opposite views when the financial oversight crisis triggered a global economic downturn in 2008.
Kevin Gallagher, Professor of Global Development Policy at the Pardee School of Global Studies at Boston University, shares with Readara his insights into how different developing economies are currently dealing with vast capital inflow and outflows.
Global financial institutions are finally waking up to the realities and necessities of cross-border capital flow regulations as many developing nations are dealing with the destabilizing effects of sudden inflows and outflows of capital.