This detonated a global trade war that dried up world commerce and the flows of capital.
International trade, instant international flows of capital and global communications make it this way.
Even for larger economies, such as India and China, remittances provide hefty flows of capital.
In some cases they account for bigger flows of capital than aid or foreign investment.
But in a world where international flows of capital overwhelm international flows of trade, this does not work.
China has been gradually relaxing strict controls on the value of its currency and on flows of capital.
The practical reason is that economies and markets are indeed connected, through trade, through flows of capital, and through multinational companies.
By every measure, the gross flows of capital involving emerging economies have grown since the mid-1990s and accelerated in the past few years.
In addition, they will not only increase energy costs, but also accelerate flows of capital and exports of jobs out of the state.
Along the way, he was involved in setting up China's successful special economic zones, which brought huge flows of capital and technology into the nation.
Openness to the flows of capital, technology, information and trade, which can bring prosperity, but can also demand painful adjustments -- as East Asia's recent currency turmoil attests.
As the U.S.-China economic relationship has deepened over the years, the bilateral flows of capital, equipment and intellectual property, originally quite one-sided, have begun the long shift back to balance.
It is also thinking about reintroducing a cap on rupiah accounts held by foreigners, the latest in a series of dykes, bunds and culverts designed to control flows of capital.
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Third, net flows of capital have masked outflows.
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The key to judging an economy's health is not its trade numbers--which, by the way, ignore critical flows of capital in and out of a country--but whether the economy is innovating and creating new wealth.
While China keeps tight control on flows of capital in and out of the economy, short-term speculative investments often take place under the radar, and the central bank typically soaks up extra cash by using so-called liquidity operations.
The Institute of International Finance, a bankers' group, expects a 30% decline in net flows of private capital from last year.
Greece initially benefitted from unrestricted flows of outside capital and wages soared.
High on the list is the fact that American asset prices have been sustained by short-term flows of portfolio capital, just as in Asia.
He tells his interviewer merely that rapid ebbs and flows of international capital are the way of the world and that the best thing Britain can do is to put its own economy in the fittest possible shape for the long term.
But in the advanced economies, where internal markets are big enough to be fairly competitive, barriers to flows of trade, capital and knowledge have long been lower, and technology is at its cutting edge, there is less to be gained.
The value of a company should be based on the value of its future free cash flows discounted at its cost of capital.
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But the regulators also have been wary of potentially destabilizing capital flows as the reform procedures that previously made it easier for them to track the flow of capital in and out.
The authors focus on the level of capital flows, rather than their composition.
They include the development of internationally accepted standards, increased transparency of governments and markets, and improved monitoring and supervision of capital flows.
Even the central bank worries about the quality of capital flows.
What's striking about this round of capital flows to emerging markets - compared to what happened in the early 1990s and the noughties - is how narrow they are.
For fixed income investors who like this space due to higher yield investment grade credit, a word to the wise: a revamp of capital flows amid an economic slowdown may not be welcome by policymakers.
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The first point is that it is ridiculous for South-East Asians, of all people, to complain about the iniquities of global capital flows.
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