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Governing Capital Flows
Ruling Capital: Emerging Markets and the Reregulation of Cross-Border Finance by Kevin P Gallagher; Cornell University, 2015; pp xi +233, $29.95.
The book under review provides a much needed analysis of the problems faced by the emerging market and developing countries (EMDs) in a world of volatile global finance, along with their responses by using a set of countervailing monetary policies to protect their interests.
The backdrop of analysis for the book relates to the global financial crisis of 2008 with volatile capital flows, the inward surges of financial flows to the EMDs thereafter, and more recently, a reversal with capital flights from the EMDs. Each of the phases were responsible for considerable disruptions in the respective economies. An analysis of these aspects, as the author points out, is largely missing in the literature.
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