It is a pleasure to be at the IIF. I would like to speak today about your raison d’etre: sustainable cross border capital flows. Capital flows can be an enormous force for good. For example, when my native Canada was an emerging economy, net capital inflows averaged 10% of GDP every year for around three decades. But the recent history of capital flows is more chequered. After all, the IIF was founded 36 years ago in response to the Latin American debt crisis. That crisis was the product of an initially well founded and productive – but ultimately over exuberant and destructive – recycling of petro dollars by the ... (full story)