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The Mexican, Asian, and Russian crises of the mid- and late 1990s have renewed interest among policymakers in the determinants and effects of private capital inflows. This paper analyzes whether policies can affect the composition of capital inflows and whether different compositions aggravate crises. The results support the view that, while fundamentals matter, capital controls can affect the mix of capital inflows that countries receive. The results also show that during the Asian crisis, countries with more yen-denominated debt faired worse, while during the Mexican crisis larger short-term debt stocks increased the severity of the crisis.

Exports and Imports --- Foreign Exchange --- International Finance: General --- Macroeconomic Aspects of International Trade and Finance: General --- International Financial Markets --- International Investment --- Long-term Capital Movements --- International economics --- Currency --- Foreign exchange --- Finance --- Capital flows --- Capital inflows --- Foreign direct investment --- Real exchange rates --- Exchange rate arrangements --- Balance of payments --- Capital movements --- Investments, Foreign --- United States