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El Retorno de los Capitales Privados a Chile en los Noventa: Causas, Efectos y Reacciones de Política

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Author Info
Raúl Labán
Felipe Larraín () (Instituto de Economía. Pontificia Universidad Católica de Chile.)
Abstract

This paper deals with the factors behind Chile's renewed access to voluntary international capitals markets since the early 1990s, the policy challenges that this has brought about, as well as the responses of policymakers to these challenges. Clearly, both internal and external factors account for this successful transition from virtual financial isolation through most of the 1980s to almost total integration in the 1990s. Because Chile lives in an increasingly globalized world, it cannot escape some major global trends, even if the country would wish to do so. Increasing financial integration at the world level is a result of many forces, including the rise in world trade, technological and financial innovation, and deregulation. The fact that increased capital mobility has brought Chile new opportunities, but also new challenges is stressed in this paper. We discuss how and why capital inflows to Chile increased so dramatically since the early 1990s. Then, we evaluate the policy challenges posed by the rise of capital inflows, and analyze the reactions of Chilean authorities to this new reality.

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Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía.

Volume (Year): 34 (1997)
Issue (Month): 103 ()
Pages: 339-362
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Handle: RePEc:ioe:cuadec:v:34:y:1997:i:103:p:339-362

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    Other versions:
  2. Serven, Luis & Solimano, Andres, 1992. "Private Investment and Macroeconomic Adjustment: A Survey," World Bank Research Observer, Oxford University Press, vol. 7(1), pages 95-114, January.
  3. Hanson, James A., 1992. "Opening the capital account : a survey of issues and results," Policy Research Working Paper Series 901, The World Bank. [Downloadable!]
  4. Tornell, Aaron, 1990. "Real vs. financial investment can Tobin taxes eliminate the irreversibility distortion?," Journal of Development Economics, Elsevier, vol. 32(2), pages 419-444, April. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
  6. Pindyck, Robert S, 1991. "Irreversibility, Uncertainty, and Investment," Journal of Economic Literature, American Economic Association, vol. 29(3), pages 1110-48, September. [Downloadable!] (restricted)
    Other versions:
  7. Dornbusch, Rudiger, 1989. " Real Exchange Rates and Macroeconomics: A Selective Survey," Scandinavian Journal of Economics, Blackwell Publishing, vol. 91(2), pages 401-32.
    Other versions:
  8. Krugman, Paul, 1987. "The narrow moving band, the Dutch disease, and the competitive consequences of Mrs. Thatcher : Notes on trade in the presence of dynamic scale economies," Journal of Development Economics, Elsevier, vol. 27(1-2), pages 41-55, October. [Downloadable!] (restricted)
  9. Raul Laban & FElipe Larrain, 1995. "Continuity, Change, and the Political Economy of Transition in Chile," NBER Chapters, in: Reform, Recovery, and Growth: Latin America and the Middle East, pages 115-148 National Bureau of Economic Research, Inc. [Downloadable!]
  10. Puumanen, Kari, 1989. " Real Exchange Rates and Macroeconomics: A Selective Survey," Scandinavian Journal of Economics, Blackwell Publishing, vol. 91(2), pages 433-34.
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