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The Liberalization of Capital Outflows in CIBS: What Opportunities for Other Developing Countries?

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  • Ricardo Gottschalk
  • Cecilia Azevedo Sodre

Abstract

This paper examines the implications of the liberalization of capital outflows in China, India, Brazil, and South Africa (CIBS) for other developing countries. It focuses on their prospects of attracting not only foreign direct investment (FDI), but also portfolio capital flows from CIBS. To inform the discussion, two steps are taken: first, in order to identify the type of capital flows that might come from CIBS, the paper briefly describes capital account liberalization measures undertaken by CIBS to date and future intended liberalization.

Suggested Citation

  • Ricardo Gottschalk & Cecilia Azevedo Sodre, 2008. "The Liberalization of Capital Outflows in CIBS: What Opportunities for Other Developing Countries?," WIDER Working Paper Series RP2008-68, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:rp2008-68
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    References listed on IDEAS

    as
    1. Philip R. Lane & Sergio L. Schmukler, 2006. "The international financial integration of China and India," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    2. Deepak Nayyar, 2000. "Capital Controls and the World Financial Authority: What Can We Learn from the Indian Experience?," SCEPA working paper series. 2000-12, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    3. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2007. "The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004," Journal of International Economics, Elsevier, vol. 73(2), pages 223-250, November.
    4. Ricardo Gottschalk & Cecilia Azevedo Sodré, 2008. "The Liberalization of Capital Outflows in Brazil, India and South Africa since the early 1990s," Palgrave Macmillan Books, in: Philip Arestis & Luiz Fernando Paula (ed.), Financial Liberalization and Economic Performance in Emerging Countries, chapter 5, pages 95-120, Palgrave Macmillan.
    5. L. Alan Winters & Shahid Yusuf, 2007. "Dancing with the Giants: China, India, and the Global Economy," World Bank Publications - Books, The World Bank Group, number 6632.
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    Keywords

    History of capital markets; Foreign investments; Trade regulation;
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