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The Macroeconomics of Capital Flows to Latin America: Experience and Policy Issues

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Author Info

  • Michael Gavin
  • Ricardo Hausmann
  • Leonardo Leiderman

Abstract

This paper reviews recent experience with international capital flows in Latin America, and discusses the policy issues that surround them. The paper is predicated on three basic premises. Capital flows to the region are an important source of macroeconomic disturbance. Also, capital flows are very volatile. Large fluctuations in these flows are due in substantial part to factors external to Latin America. In addition, the fluctuations require a policy response. Policy should respond to sudden inflows or outflows of capital.

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Bibliographic Info

Paper provided by Inter-American Development Bank in its series IDB Publications with number 5821.

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Date of creation: Oct 1995
Date of revision:
Handle: RePEc:idb:brikps:5821

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Related research

Keywords: Financial management; Government budget; Exchange rates; Capital flows; Economic Development & Growth; fiscal policy; fiscal deficit; reserve accumulation; WP-310;

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Cited by:
  1. Michael Gavin & Ricardo Hausmann & Roberto Perotti & Ernesto Talvi, 1996. "Managing Fiscal Policy in Latin America and the Caribbean: Volatility, Procyclicality, and Limited Creditworthiness," IDB Publications, Inter-American Development Bank 6797, Inter-American Development Bank.
  2. Bernardo S. de M. Carvalho & Márcio G. P. Garcia, 2006. "Ineffective Controls On Capital Inflows Under Sophisticated Financial Markets: Brazil In The Nineties," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting], ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of G 58, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  3. Barry Eichengreen & Ricardo Hausmann & Ugo Panizza, 2003. "Currency Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters," NBER Working Papers, National Bureau of Economic Research, Inc 10036, National Bureau of Economic Research, Inc.
  4. Lee Robinson & Alice Nicole Sindzingre, 2012. "China’s Ambiguous Impacts on Commodity-Dependent Countries: the Example of Sub-Saharan Africa (with a Focus on Zambia)," EconomiX Working Papers, University of Paris West - Nanterre la Défense, EconomiX 2012-39, University of Paris West - Nanterre la Défense, EconomiX.
  5. Michael Gavin & Ricardo Hausmann & Roberto Perotti & Ernesto Talvi, 1996. "Gestión de la política fiscal en América Latina y el Caribe: volatilidad, propensión a los ciclos y solvencia limitada," Research Department Publications, Inter-American Development Bank, Research Department 4033, Inter-American Development Bank, Research Department.
  6. Jeffrey Sachs & Aaron Tornell & Andres Velasco, 1996. "Financial Crises in Emerging Markets: The Lessons from 1995," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1759, Harvard - Institute of Economic Research.
  7. Ofair Razin & Susan M. Collins, 1997. "Real Exchange Rate Misalignments and Growth," International Finance, EconWPA 9707001, EconWPA.
  8. Nikolai Flexner, 2003. "Foreign Direct Investment and Economic Growth in Bolivia, 1990- 1998," Macroeconomics, EconWPA 0309009, EconWPA, revised 26 Nov 2003.
  9. Ofair Razin & Susan M. Collins, 1997. "Real Exchange Rate Misalignments and Growth," NBER Working Papers, National Bureau of Economic Research, Inc 6174, National Bureau of Economic Research, Inc.

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