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Technology, Capital Flows and the Balance of Payments Constraint in a Structuralist North—South Model

In: Advances in Monetary Policy and Macroeconomics

Author

Listed:
  • Marcelo Curado
  • Gabriel Porcile
  • Ricardo Viana

Abstract

In the 1990s Latin America witnessed the return of foreign capital to the region, after having been left aside as a destination for international lending during the ‘lost decade’ of the 1980s (CEPAL, 1998: ch. III). This has been a mixed blessing, however. Clearly, by easing the external constraint, capital inflows contributed to the resumption of growth during the 1990s. But mounting trade deficits and external indebtedment, along with an increasing fragility in the capital account, raised once again in the agenda of several Latin American countries the shadow of currency and debt crises by the end of the 1990s (French-Davis, 2000). The currency crises of Mexico in 1994, Brazil in 1999, and especially that of Argentina and Uruguay in 2002, highlighted the gravity of this problem.

Suggested Citation

  • Marcelo Curado & Gabriel Porcile & Ricardo Viana, 2007. "Technology, Capital Flows and the Balance of Payments Constraint in a Structuralist North—South Model," Palgrave Macmillan Books, in: Philip Arestis & Gennaro Zezza (ed.), Advances in Monetary Policy and Macroeconomics, chapter 15, pages 280-295, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-80076-2_15
    DOI: 10.1057/9780230800762_15
    as

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