The Never‐Ending Debate on Capital Flows

• DOI: http://doi.org/10.1111/infi.12045
• Author: Gianluca Benigno
• Published date: 01 March 2014
• Date: 01 March 2014

REVIEW

The Never‐Ending Debate

on Capital Flows

Gianluca Benigno

London School of Economics and Political Science

Martin Wolf. Fixing Global Finance . Baltimore, MD: Jo hns Hopkins Universi ty Press.

Expanded and Updated Edition, 2010.

Olivier Jeanne, Arvind Subramanian and John Williamson. Who Needs to Open the

Capital Account? Washington, DC: Peterson Institute, 2012.

I. Fixing Global Finance

Increased financial integration and the emergence of global imbalances have

factored prominently in recent calls for reform of the international monetary

system. Managing international capital flows has been especially challenging

for emerging market economies, some of which saw periods of financial

turbulence during the 1980s and 1990s and are experiencing volatility today.

Martin Wolf’sFixing Global Finance provides a comprehensive overview and

interpretation of the past two decades of international financial integration.

International Finance 17:1, 2014: pp. 121–134

DOI: 10.1111/infi.12045

© 2014 John Wiley & Sons Ltd