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SOME states, like New York, have attempted to deal with the compensation issue by setting up capital defender agencies that help shoulder the burden in such cases.
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"Listen, it's obviously easier in China just because the whole infrastructure is set up, capital is so much cheaper," he said.
Mr. Cline notes that of the countries with trade deficits, only Brazil has set up capital controls, with others preferring to intervene selectively in exchange markets.
"The pressure within emerging markets to set up capital controls, with many countries not meeting the careful conditions laid out by the fund's paper, will increase," he predicted.
Before setting up Sedna Capital, Rengan was employed briefly at SAC.
Mr Parker, Mr Higgo and Mark Pollard, another Lazard graduate, are setting up Jura Capital in London.
In the 14th century it was overrun by Catalans and Serbs, the latter setting up the capital at Tríkala.
But most of the guys who are setting up venture capital operations are betting that this will change.
In the life sciences, the government is seeking to speed up the creation of firms by setting up venture-capital funds.
Technology giants from CMGI to Nokia are now setting up venture-capital funds in Asia to tap the opportunity and gain a foothold.High-tech by fiatHowever, the instinct of Asian governments to lead this transformation is still a danger.
Mr. Ratsiraka and his ministers, who were driven from the capital, set up another capital in Toamasina, the country's biggest and most important port.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com