A new report by UNCTAD, Capital Flows to Developing Countries and the Reform of the International Financial System, concludes that until ways can be found at the international level to limit financial instability then developing countries should maintain national control over capital flows. It argues against international agreements on capital account convertibility, international investment or wholesale liberalisation of financial services. The report also makes the case for international arrangements for debt standstills and lending into arrears.
The report by Yilmaz Akyuz and Andrew Cornford is available from UNCTAD, Palais Des Nations, Ch-1211 Geneva 10, Switzerland and summaries are available at www.unctad.org/en/pub/pubframe.htm
