This volume contains country experiences explained by policy makers and studies by leading experts on causes and consequences of capital flows as well as policies to control these flows. It addresses portfolio flow issues central to open economies, especially emerging markets.

Introduction PART I: COUNTRY EXPERIENCES 1.1 Peru: Paul Castillo 1.2 Turkey: Erdem Ba?ç? PART II: RECENT TRENDS IN CURRENCY FLOWS 2.1 China's short-term capital flow: the scale and the driving forces. Ming Zhang 2.2 Appropriate Policy Tools to Manage Portfolio Flow Externalities. Refet Gürkaynak 2.3 Navigating Capital Flows in Brazil and Chile. Kevin Gallagher PART III: EFFECTS AND MULTILATERAL ASPECTS OF CURRENCY FLOWS 3.1 Monetary Policy in a Multipolar World. Joseph Stiglitz 3.2 Multilateral Aspects of Managing the Capital. Account Jonathan Ostry