The flows in the 1990s were consistently larger than the current account deficits - i.e. they were not drawn in by the need to fund the saving/investment gap.
Paradoxically, one source of volatility was the high profit opportunities available in these countries, as they “got their economic act together”, combining technology and cheap labour  5  Treasury memo to the UK War Cabinet’s Reconstruction Problems Committee. 6  Proposal for an International Monetary Fund, Annex A of the Washington Conversations Article VII, Memorandum by the Minister of State, 7 February 1944.