TY  - JOUR
AU  - Garber,Peter M.
TI  - Derivatives in International Capital Flows
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 6623
PY  - 1998
Y2  - June 1998
UR  - http://www.nber.org/papers/w6623
L1  - http://www.nber.org/papers/w6623.pdf
N1  - Author contact info:
Peter M. Garber
Deutsche Bank
60 Wall Street
New York, NY 10005
Tel: 212/250-5466
Fax: 212/250-2628
E-Mail: peter.garber@db.com
AB  - 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.
ER  -