This book contains selected papers from the Annual Conference on Development and Change (ACDC) held at Sao Paulo in November 2006. Second in a series of three conferences, the 2006 ACDC showcased research by relatively
younger scholars. While precise and rigorous alternatives to the neoliberal genda are often overlooked in the huge
volume of literature that addresses the larger issues, both aspects - the larger picture and the smaller nuts-andbolts
details - are very important, and this volume fills the gaps in the latter category. These papers were written
before the global recession, and events subsequent to the conference and the writing of these papers have validated
several of the concerns raised by their authors.
This volume focuses on a plethora of issues from the point of view of the South. It demonstrates, for example, that
if capital inflows exceed a certain volume - no matter how they are absorbed - such openness will inevitably result
in a crisis in the receiving country. The popular understanding of foreign portfolio investment as more benign than
foreign direct investment (FDI) is also challenged. By contrasting contemporary capital flows as well as the
international capital flows of the nineteenth century, this collection highlights the role of regulation and the role of
the state, and ultimately emphasizes the need for recipient country governments to exercise policy options to
control the volume of foreign capital inflows.
Introduction; How Financial Liberalisation Led in the 1990s to Three Different Cycles of 'Manias, Panic and
Crashes in Middle Income Countries; Timing the Mexican 1994-95 Financial Crisis Using a Markov Switching
Approach; Exchange Rate, Inflation and Growth; Alternative Measures of Currency Substitution in Turkey;
Competitive Diversification in Resource Abundant Countries; Foreign Portfolio Investment in India; Transnational
Corporations and the Internationalisation of Research and Development Activities in Developing Countries;
External Debt Nationalization a Major Tendency on Brazilian External Debt in the Twentieth Century; Prudential
Regulations and Safety Nets; Understanding New Threats to Development in Comparative Regional Perspectives
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