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China has recently emerged as one of Africa’s top business partners, aggressively pursuing its raw materials and establishing a mighty presence in the continent’s booming construction market. Among major foreign investors in Africa, China has stirred the most fear, hope, and controversy. For many, the specter of a Chinese neocolonial scramble is looming, while for others China is Africa’s best chance at economic renewal. Yet, global debates about China in Africa have been based more on rhetoric than on empirical evidence. Ching Kwan Lee’s The Specter of Global China is the first comparative ethnographic study that addresses the critical question: Is Chinese capital a different kind of capital? Offering the clearest look yet at China’s state-driven investment in Africa, this book is rooted in six years of extensive fieldwork in copper mines and construction sites in Zambia, Africa’s copper giant. Lee shadowed Chinese, Indian, and South African managers in underground mines, interviewed Zambian miners and construction workers, and worked with Zambian officials. Distinguishing carefully between Chinese state capital and global private capital in terms of their business objectives, labor practices, managerial ethos, and political engagement with the Zambian state and society, she concludes that Chinese state investment presents unique potential and perils for African development. The Specter of Global China will be a must-read for anyone interested in the future of China, Africa, and capitalism worldwide.

Investments, Foreign --- Capitalism --- Chinese state capital. --- Zambia. --- comparative and global ethnography. --- construction. --- copper mining. --- eventful capitalism. --- global private capital. --- logic of accumulation. --- mangerial ethos. --- regime of production.

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This paper estimates the effect of government investment on private investment in a sample of 39 low-income countries. Fluctuations in a predetermined component of disbursements on loans from official creditors to developing country governments are used as an instrument for fluctuations in public investment. The analysis finds evidence of "crowding in": an extra dollar of government investment raises private investment by roughly two dollars, and output by 1.5 dollars. To understand the implications for the return to public investment, a CES production function with public and private capital as inputs is calibrated. For most countries in the sample, the returns to government investment exceed the world interest rate. However, for some countries that already have high government investment rates, the return to further investment is below the world interest rate.

Access to Finance --- Complementarity Between Government and Private Capital --- Crowding In --- Crowding Out --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Investment & Investment Climate --- Macroeconomics and Economic Growth --- Non Bank Financial Institutions --- Private Sector Development --- Public Investment

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This paper studies the determinants of private capital flows to developing countries during the last two episodes of large inflows, the late 1970s-early 1980s and the 1990s. The paper also tests for contagion effects in capital flows among recipient countries, and tries to identify specific channels through which such effects can occur. It tests for neighborhood effects, trade-related effects, and for contagion based on the countries having similar macroeconomic indicators. The results show strong evidence for the first two effects during the 1990s, and indicate that the third effect varies depending on the type of capital flow.

Exports and Imports --- International Finance: General --- Macroeconomic Aspects of International Trade and Finance: General --- International Financial Markets --- International Investment --- Long-term Capital Movements --- Trade: General --- International economics --- Finance --- Private capital flows --- Capital flows --- Capital inflows --- Foreign direct investment --- Exports --- Balance of payments --- International trade --- Capital movements --- Investments, Foreign --- Brazil

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This paper reviews the causes, consequences, and policy responses to large capital flows in several emerging markets. It opens by studying recent patterns of capital flows, and then discusses the causes of capital flows. Emphasis is given to the reasons behind the capital inflow episode in the 1990s, the major reversals, and the volatility observed in these flows. The paper goes on to examine the consequences of capital inflows and the pros and cons of alternative policy responses. It concludes with policy lessons derived from country experiences.

Exports and Imports --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- International Investment --- Long-term Capital Movements --- International economics --- Currency --- Foreign exchange --- Capital inflows --- Capital flows --- Real exchange rates --- Capital controls --- Private capital flows --- Balance of payments --- Capital movements --- Chile

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Dans un contexte marqué par des mutations de l'environnement économique international, cet ouvrage traite des raisons d'être des financements du FMI et des relations existantes entre ces concours et la fonction de surveillance qu'exerce l'institution lorsqu'elle s'applique à éviter et corriger les déséquilibres de balance des paiements des pays membres. Il analyse les circonstances dans lesquelles le financement du FMI continue de jouer un rôle important, présente les enseignements que l'on peut tirer du rôle du FMI dans la crise financière mexicaine, et à aborde la nécessité future des ressources du FMI.

Balance of payments assistance --- Balance of payments need --- Balance of payments --- Capital movements --- Currency --- Current Account Adjustment --- Exchange rates --- Exports and Imports --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- International economics --- International finance --- International Investment --- International monetary system --- Long-term Capital Movements --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Payment Systems --- Private capital flows --- Regimes --- Short-term Capital Movements --- Standards --- Mexico