Mercados financieros, flujos de capital y tipo de cambio en México
AbstractThis paper examines the nature and determinants of the surge in capital flows to Mexico between 1990 and 1993 and the resulting macroeconomic adjustments in the financial and goods markets. The paper argues that this episode of massive capital inflows led to an overshooting of the real exchange rate with respect to its long term equilibrium value. As a result, the Mexican economy was facing, already since mid-1992, a macroeconomic adjustment problem whose solution required a real devaluation of the peso. The paper also presents a comparison of the recent episode with the previous episode of capital inflows associated to the oil boom in the late 1970s and early 1980s.
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Bibliographic InfoArticle provided by in its journal Economia Mexicana NUEVA EPOCA.
Volume (Year): IV (1995)
Issue (Month): 1 (January-June)
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- Pedro Aspe Armella & Rudiger Dornbusch & Maurice Obstfeld, 1983. "Financial Policies and the World Capital Market: The Problem of Latin American Countries," NBER Books, National Bureau of Economic Research, Inc, number arme83-1.
- 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.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
- Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
- Kouri, Pentti J K & Porter, Michael G, 1974. "International Capital Flows and Portfolio Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 82(3), pages 443-67, May/June.
- Pedro Aspe Armella & Rudiger Dornbusch & Maurice Obstfeld, 1983. "Introduction to "Financial Policies and the World Capital Market: The Problem of Latin American Countries"," NBER Chapters, in: Financial Policies and the World Capital Market: The Problem of Latin American Countries, pages 1-4 National Bureau of Economic Research, Inc.
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