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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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Author Info
Remberto Rhenals Monterroso () (Facultad de Ciencias Económicas, Universidad de Antioquia)
Alejandro Torres García () (Grupo de Crecimiento Económico y Desarrollo, Programa de Economía de la Universidad Católica Popular de Risaralda –UCPR-)
Abstract

Capital inflows dynamics towards developing countries during the last decades again has posited in the center of the debate the discussion on its benefits and costs. The objective of this work is to analyze the behavior of capital flows over 1970 and 2002, their volatility and effects on the Latin American macroeconomic performance. Volatility is measured by means of the variation coefficient, which is calculated in two forms. The results show that the volatility of capital inflows and the regional growth seem not to have increased, in spite of the very importance private flows acquired since the beginning of nineties

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Publisher Info
Article provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.

Volume (Year): (2007)
Issue (Month): 67 (Julio-Diciembre)
Pages: 9-42
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Handle: RePEc:lde:journl:y:2007:i:67:p:9-42

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Related research
Keywords: Capital Flows; Latin America; Developing Countries; Volatility; Pull Factors and Push Factors;

Find related papers by JEL classification:
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment

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  1. Fernandez-Arias, Eduardo & DEC, 1994. "The new wave of private capital inflows : push or pull?," Policy Research Working Paper Series 1312, The World Bank. [Downloadable!]
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  2. 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. [Downloadable!] (restricted)
  3. 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. [Downloadable!]
    Other versions:
  4. Calderon, Cesar & Schmidt-Hebbel, Klaus, 2003. "Macroeconomic policies and performance in Latin America," Journal of International Money and Finance, Elsevier, vol. 22(7), pages 895-923, December. [Downloadable!] (restricted)
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  5. Vittorio Corbo & Leonardo Hernández, 1998. "Private Capital Inflows and the Role of Economic Fundamentals," Working Papers Central Bank of Chile 45, Central Bank of Chile. [Downloadable!]
  6. Gian Maria Milesi-Ferrett & Assaf Razin, 1997. "Current Account Sustainability: Selected East Asian and Latin American Experiences," NBER Working Papers 5791, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Calvo, Guillermo A. & Mendoza, Enrique, 1997. "Rational Herd Behavior and the Globalization of Securities Markets," Working Papers 97-26, Duke University, Department of Economics. [Downloadable!]
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  8. Guillermo A. Calvo & Alejandro Izquierdo & Ernesto Talvi, 2003. "Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons," NBER Working Papers 9828, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Frankel, Jeffrey A. & Rose, Andrew K., 1996. "Currency crashes in emerging markets: An empirical treatment," Journal of International Economics, Elsevier, vol. 41(3-4), pages 351-366, November. [Downloadable!] (restricted)
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  10. 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. [Downloadable!]
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  11. 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. [Downloadable!] (restricted)
  12. Jeffrey A. Frankel & Chudozie Okongwu, 1995. "Liberalized portfolio capital inflows in emerging markets: sterilization, expectations and the incompleteness of interest rate convergence," Pacific Basin Working Paper Series 95-04, Federal Reserve Bank of San Francisco.
    Other versions:
  13. Fernandez-Arias, Eduardo & Montiel, Peter J, 1996. "The Surge in Capital Inflows to Developing Countries: An Analytical Overview," World Bank Economic Review, Oxford University Press, vol. 10(1), pages 51-77, January.
  14. 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(1999-1), pages 143-180. [Downloadable!]
  15. Scharfstein, David S & Stein, Jeremy C, 1990. "Herd Behavior and Investment," American Economic Review, American Economic Association, vol. 80(3), pages 465-79, June.
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  16. Alejando López Mejía, 1999. "Large Capital Flows - A Survey of the Causes, Consequences, and Policy Responses," IMF Working Papers 99/17, International Monetary Fund.
  17. Ashoka Mody & Antu Panini Murshid, 2002. "Growing Up With Capital Flows," IMF Working Papers 02/75, International Monetary Fund. [Downloadable!]
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