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Volatilidad de los flujos de capital hacia los países en desarrollo: evidencia para América Latina, 1970-2002

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  • Remberto Rhenals

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  • Alejandro Torres

Abstract

Resumen: La dinámica de los flujos de capital hacia los países en desarrollo en las últimas décadas, ha puesto nuevamente en el centro del debate la discusión sobre sus beneficios y costos. El objetivo del presente artículo es analizar el comportamiento de los flujos de capital entre 1970 y 2002, su grado de volatilidad y sus efectos sobre el desempeño macroeconómico de América Latina. La volatilidad se mide mediante el coeficiente de variación, que se calcula de dos formas. Los resultados muestran que la volatilidad de los flujos de capital y del crecimiento de la región no parece haber aumentado, pese a la gran importancia adquirida por los flujos privados de capital desde principios de los noventa.

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File URL: http://aprendeenlinea.udea.edu.co/revistas/index.php/lecturasdeeconomia/article/view/7310/6745
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Bibliographic Info

Article provided by UNIVERSIDAD DE ANTIOQUIA - CIE in its journal REVISTA LECTURAS DE ECONOMÍA.

Volume (Year): (2007)
Issue (Month): ()
Pages:

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Handle: RePEc:col:000174:004652

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Keywords: Flujos de capital; América Latina; países en desarrollo; volatilidad; factores de atracción y factores de expulsión;

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  1. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1996. "Inflows of Capital to Developing Countries in the 1990s," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 123-139, Spring.
  2. Barry P. Bosworth & Susan M. Collins, 1999. "Capital Flows to Developing Economies: Implications for Saving and Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1), pages 143-180.
  3. Guillermo A. Calvo & Eduardo Fernández-Arias & Ernesto Talvi & Carmen M. Reinhart, 2001. "Growth and External Financing in Latin America," IDB Publications 6490, Inter-American Development Bank.
  4. Cardenas, Mauricio & Barrera, Felipe, 1997. "On the effectiveness of capital controls: The experience of Colombia during the 1990s," Journal of Development Economics, Elsevier, vol. 54(1), pages 27-57, October.
  5. Jeffrey A. Frankel and Chudozie Okongwu., 1995. "Liberalized Portfolio Capital Inflows in Emerging Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence," Center for International and Development Economics Research (CIDER) Working Papers C95-054, University of California at Berkeley.
  6. Fernando A. Broner & Roberto Rigobon, 2005. "Why are Capital Flows so Much More Volatile in Emerging Than in Developed Countries?," Working Papers Central Bank of Chile 328, Central Bank of Chile.
  7. Scharfstein, David. & Stein, Jeremy C., 1988. "Herd behavior and investment," Working papers WP 2062-88., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  8. Ashoka Mody & Antu Panini Murshid, 2002. "Growing Up with Capital Flows," IMF Working Papers 02/75, International Monetary Fund.
  9. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1994. "The capital inflows problem: Concepts and issues," MPRA Paper 13902, University Library of Munich, Germany.
  10. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
  11. Jeffrey A. Frankel & Chudozie Okongwu, 1995. "Liberalized Portfolio Capital Inflows in Emerging Capital Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence," NBER Working Papers 5156, National Bureau of Economic Research, Inc.
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