Private Capital Flows to Developing Countries and their Determination: Historical Perspectives, Recent Experience, and Future Prospects

摘要

From an analysis of borrowing experience by oil-importing developing countries (OIDC's), it is concluded that in recent literature on private capital flows too much emphasis has been placed on the constraints on banking intermediaries. The key determinant of flows through banking markets is the macroeconomic environment (the orientation of global current account balances, the state of domestic loan demands in the industrialized countries, etc.) that influences the supply of funds to the banks. (Copyright (c) 1981 by The World Bank.)