経済開発における国際資本移動 : その理論的考察

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Economic development in developing countries has been closely related to international capital movements. In 1950s and 1960s, which marked the beginning of development economrcs, a great emphasrs was placedon foreign assistance as a form of international financial flow, since it was expected to contribute to public welfare and social benefits of recipient countries. On the other hand, in the 1960s, multinationals gained enough enormous organizational power to centrally control decision making by host countries, which deprived them of the opportunities for economic development, independent of external powers. In 1970s, because public opinion in the LDCS demanded both economic development and a measure of economic autonomy, lots of state sectors of newly-industrializing countries came to be financially dependent on syndicated-loans owed to international commercial banks, instead of attracting foreign direct investment. But the political and economic consequences of indebted industrialization was that heavy-borrowing countries suffered from debt crisis and were obliged to accept the package of economic reforms designated by IMF and the World Bank, which embrace trade liberalization, fiscal and monetary adjustment to curb inflation and the expansion of private economic activities. If they are to attract substantial external capital needed to resume their voluntary access to world capital markets, these developing countries must accept these reforms. In the 1990s, the demand for external capital has been increasing rapidly in emerging markets in East Asia and Latin America and transitional economies, following the end of the Cold War and the recovery of seriously-indebted countries from the debt crisis. The purpose of this paper is to analyze the relations between economic development and international financial flows by surveying the existing theories, through which new directions in the research on this question should be indicated. The basic conclusion of this paper focuses on the relations between self and public interests, which has been the key important factor in political economics since Adam Smith's age. The expansion of investors' selfishness with no limits forms one interlocking social group which creates and reinforces speculative bubbles in international financial and capital markets. Under this situation, capital movements based on public welfare and benevolence, as traditional development economists insisted on, should be revitalized as soon as possible. I argue that re-regulation rather than deregulation is needed to discipline the players investing for economic development in developing countries, and the governments and international financial organizations should announce clear and accurate signals toward financial and capital markets so that investors might regard the re-regulating policies on international capital movements credible and sustainable.
北海道東海大学の論文

経済開発における国際資本移動 : その理論的考察

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