Latin America experienced sharp swings in net capital inflows in the last two decades, with significant effects on the domestic economy. Chile, in particular, recorded the highest rise in external debt in the years up to 1981, and in 1982 exhibited the sharpest drop in GDP (15 per cent) in all of Latin America. This took place in an already deeply liberalized and privatized economy, with a persistent fiscal surplus.
In the early 1990s, already in transition to democracy, Chile was at the head of the 'emerging economies' facing a return of external finance. This renewal of supply took place in an international atmosphere of strong pressures from multilateral institutions, and the US authorities, for across-the-board capital account opening in recipient nations.
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