Abstract
Financial flows to Emerging Countries Capital flows to developing countries have increased strongly reaching 285 billion US Dollars in the year 1996. Because of the present crisis in South-East Asia the expected figure for 1997 may be slightly smaller. In this contribution the role of national and international capital markets is described and the factors influencing the increase of the flows are analyzed. Three trends are becoming clear. In the first place, private capital flows have become more important than public capital provided in the framework of development cooperation. Secondly, private capital is not just going into any country or any sector. The more promising sectors in the more dynamic developing countries are usually targetted. Finally, there is a need to reform East Asian financial systems in order to move quickly to help to integrate their economies into the world economy. Prudent, safe and sound banking can be promoted by opening up markets to supervision, accounting and corporate governance.
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