Disclaimer. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy.Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.. INTRODUCTION. Many developing countries have reaped handsome rewards from surging capital inflows in recent years : raising levels of investment and encouraging economic growth. But surging capital inflows can also be a double-e22
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