Capital flows into sovereign debt have been a major source of crises since at least the 19th  Daron Acemoglu, ‘The great debt cleanup’, 23 June 2020. Available at: https://www.projectsyndicate.org/commentary/plan-to-navigate-emerging-market-debts-by-daron-acemoglu-2020-06. The full quote is as follows: “Far from checking autocrats, international finance has been facilitating them.
For example, in South Africa between 2009 and 2018, foreign funds continued pouring in even after it was obvious that then-President Jacob Zuma’s kleptocratic government was hollowing out the country’s economy and institutions. When Zuma was finally kicked out of power, it was because his own party, the African National Congress, took steps to remove him.