Business Development

Download Capital flight and capital controls in Developing Countries by Gerald A. Epstein PDF

By Gerald A. Epstein

Capital flight - the unrecorded export of capital from constructing nations - frequently represents an important price for constructing international locations. It additionally poses a puzzle for traditional monetary conception, which might are expecting that poorer nations be importers of capital because of its shortage. this example is frequently reversed, although, with capital fleeing poorer nations for wealthier, capital-abundant locales. utilizing a standard method for a suite of case reports at the dimension, factors and results of capital flight in constructing nations, the participants deal with the level of capital flight, its results, and what could be performed to opposite it. Case stories of Brazil, China, Chile, South Africa, Thailand, Turkey and the center East supply wealthy descriptions of the capital flight phenomena in numerous contexts. the quantity features a unique description of capital flight estimation tools, a bankruptcy surveying the impression of economic liberalization, and a number of other chapters on controls designed to resolve the capital flight challenge. the 1st ebook dedicated to the cautious calculation of capital flight and its old and coverage context, this quantity could be of significant curiosity to scholars and students within the parts of foreign finance and monetary improvement.

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5 percent per year, thereby offering a direct incentive for exports (Park 2004). Throughout these actions, Korea’s banking system was transformed to support the industrial development goals of the government. Requiring private banks to leave a portion of their deposits with the government-owned Korea Development Bank meant that private savings could be tapped for industrial development projects. Despite these measures, however, Korea suffered chronic shortages of domestic savings, which made it necessary to rely heavily on foreign capital to finance the rapid industrialization.

Earlier, in 1961, the military government had expropriated the majority of bank shares that were owned by big businesses and limited the voting powers of private owners, which enabled the government to directly control the banking system. The following year, the law of the Bank of Korea was revised in a way that gave the EPB more discretionary power over financial and banking policy. Furthermore, the private banks were required to deposit some of the savings in the government-owned Korea Development Bank so that the deposits could be funneled to the industrial development projects.

According to Lee (1991, p. 461), there are two contrasting views regarding the HCI plan for Korea’s economic development. The viewpoint that is critical of the plan consists of the following points: First, contrary to the logic underlying the HCI plan, the plan’s execution led to misallocation of resources, thereby weakening the Korean economy’s growth potential. Second, the process of implementing the HCI plan distorted various market prices. Third, implementation of the overly ambitious plan was responsible for the rapid inflation of the late 1970s and early 1980s.

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