Keeping the hot money out
The bad news from East Asia has highlighted the difficulties of managing large flows of international capital
IT IS only a straw in the wind, but it tells a story. In 1996, when the global great and good made their annual pilgrimage to the Swiss Alps for the Davos meeting of the World Economic Forum, the theme of the conference was “sustaining globalisation”. Unsurprisingly, given the recent failure of Asia to conform with economic expectations, next week's meeting will instead be devoted to “managing volatility”.
This article appeared in the Finance & economics section of the print edition under the headline “Keeping the hot money out”
From the January 24th 1998 edition
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