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This
paper argues that supply-side factors
rather than the financing requirements
of developing countries, explain the recent
revival and surge in capital flows into
developing countries. Financial liberalization
and the globalization of finance have
also resulted in changes in the financial
structure. This in turn has implications
for the accumulation of risk in markets
where agents tend to herd. Associated
with this increasing risk are changes
in the business practices and motivations
of financial firms that reduce the role
of finance in ensuring broad-based economic
growth.
January 22, 2010.
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