Taming Capital Flows ― Capital Account Management in an Era of Globalization

Capital flows, especially in the form of hot money flows, pose an important problem for many countries. There are many similarities in causes of capital flows to emerging economies but policy responses differ.

This timely volume presents country experiences with capital flows and studies by leading experts on causes and consequences of capital flows as well as policies to control these flows. Providing a mixture of empirical and theoretical studies of the issue and detailed country studies for Brazil, Chile, Peru, and Turkey, this volume of collected essays covers the most important aspects of the debate on capital flows in an accessible manner.

Taming Capital Flows provides an in-depth analysis of capital flows in emerging markets, and makes essential reading for researchers and scholars interested in development economics, finance and international trade.

Joseph E. Stiglitz is University Professor at Columbia University, USA, the winner of the 2001 Nobel Memorial Prize in Economics, and a lead author of the 1995 IPCC report, which shared the 2007 Nobel Peace Prize. He was chairman of the U.S. Council of Economic Advisors under President Clinton and Chief Economist and Senior Vice President of the World Bank for 1997-2000. Stiglitz received the John Bates Clark Medal, awarded annually to the American economist under 40 who has made the most significant contribution to the subject. He was a Fulbright Scholar at Cambridge University, UK, held the Drummond Professorship at All Souls College, Oxford, UK, and has also taught at M.I.T, Yale, Stanford and Princeton.

Refet Gurkaynak is Associate Professor of Economics at Bilkent University, Turkey and a CEPR Research Fellow. Prior to his current position he was an economist at the Monetary Affairs Division of the Federal Reserve Board. He does research and lectures internationally at universities and central banks on monetary policy and financial markets.