Debt, Deregulation and Financial Crises
Chapter 30: Restructuring flows of private international investment into emerging and developing economies
The establishment of a closed-end investment fund under the Bretton Woods umbrella would provide a less volatile and more effective channel for longer-term investment in emerging and developing economies than the current channels for private cross-border flows. The investment fund would issue its own liabilities in various national currencies and sell its shares to private institutional investors including pension funds in emerging as well as developed economies. Shares in the fund would also provide assets for the investment of international reserves with a multilateral guaranty by the fund backed by its Bretton Woods member countries. This channel for reserve investment would redirect export surpluses back into the countries that own them rather than into the financial markets of strong-currency countries.
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