International Finance and Growth in Developing Countries ...

International Finance and Growth in Developing Countries : what have We learned ? Maurice Obstfeld* University of California, Berkeley March 2007 The years since 2002 have produced a surge in net capital flows from richer Countries to the Developing world. The International Monetary Fund estimates 2006 net private capital flows into Developing Countries at nearly $800 billion. A decade ago, an earlier surge of private capital to Developing Countries preceded a period of extreme financial turbulence, starting in Asia but spreading out to Russia and Latin America. The recent experience has been more tranquil, but against a particularly benign backdrop of strong economic Growth , low world interest rates, and elevated commodity prices. Would a possible unraveling of these favorable macro conditions expose the Developing world and possibly industrial-country financial markets to renewed crisis?

International Finance and Growth in Developing Countries: What Have We Learned? Maurice Obstfeld* University of California, Berkeley March 2007

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