@techreport{NBERw6623,
 title = "Derivatives in International Capital Flows",
 author = "Peter M. Garber",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "6623",
 year = "1998",
 month = "June",
 URL = "http://www.nber.org/papers/w6623",
 abstract = {This paper will discuss the role of derivative products in international capital flows, especially in providing a means of both reducing and enhancing market risks associated with given net flows.  It will emphasize how derivatives can be used to evade risk-control or prudential regulation, circumvent capital controls, drive the dynamics of currency instabilities, and obscure true risk positions and thereby undermine the usefulness of balance of payments capital account categories.},
}