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Capital Flows and Exchange Rates: Some Implications

In: Money, Credit and Asset Prices

Author

Listed:
  • Gordon Pepper

    (Department of Banking and Finance, City University Business School)

Abstract

This chapter is a reproduction of Monetary Bulletin no. 204, ‘Capital Flows and Exchange Rates’, circulated in October 1989, which was reproduced as a chapter in S. F. Frowen and D. Kath (eds.), Monetary Policy and Financial Innovation. The chapter gives further insight into the effect of capital markets becoming global in the 1980s. In particular it discusses how the dominant component of the balance of payments has tended to change over the years, from current to capital account, to flows of first shortterm capital and then long-term capital. It describes how foreign investors can react to a financial disequilibrium in a country more quickly than a domestic aggregate within the country, such as the level of savings, can alter. This is a possible explanation of the surprising dominance of foreign investors in the 1980s.

Suggested Citation

  • Gordon Pepper, 1994. "Capital Flows and Exchange Rates: Some Implications," Palgrave Macmillan Books, in: Money, Credit and Asset Prices, chapter 17, pages 257-270, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37593-2_18
    DOI: 10.1057/9780230375932_18
    as

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