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The role of capital movements in Latin American balance of payments in 1990-2019

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  • Gustavo Burachik

Abstract

We studied the balance of payments data for a set of Latin American countriesbetween 1990 and 2019. We intended to quantify the main items of foreign exchangeincome and expenditure. We were particularly interested in studying the magnitude and roleof financial flows, either as a source of external resources or as an item of expenditure. Theanalysis was carried out in two dimensions: cross section (for a sample of 11 nations) forthe entire period and over time for the three decades covered by the data. This study offersan empirical basis to reassess the traditional view that places an “external constraint” ongrowth in the foreign trade. In contrast, the data analyzed here suggest that items related tofinancial flows are the main responsible for external vulnerability of these countries. JEL Classification: G01; H12; F32.

Suggested Citation

  • Gustavo Burachik, 2022. "The role of capital movements in Latin American balance of payments in 1990-2019," Brazilian Journal of Political Economy, Center of Political Economy, vol. 42(3), pages 738-760.
    • Handle: RePEc:ekm:repojs:v:42:y:2022:i:3:p:738-760:id:2348
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2348/2292
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    More about this item

    Keywords

    Balance of payments; Thirlwall’s Law; economic crises; Latin American economies; international capital movements;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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