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Corporate Governance and Private Capital Flows to Latin America

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Author Info
Alberto Chong ()
Alejandro Izquierdo ()
Alejandro Micco
Ugo Panizza

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Abstract

According to recent research, external factors and political governance considerations are key determinants of capital flows in Latin America. We postulate that corporate governance is a crucial determinant as well. We show that while the region is characterized by relatively low levels of corporate governance it shows highly volatile capital flows. The high level of economic volatility that characterizes the region is partly due to the behavior of capital flows which, in turn, are influenced by external factors. The paper shows that by implementing better corporate governance the region could reduce the sensitivity of capital flows to external shocks and hence reduce the volatility of its economy.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 4323.

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Date of creation: Feb 2003
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Handle: RePEc:idb:wpaper:4323

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Charles P. Oman, 2001. "Corporate Governance and National Development," OECD Development Centre Working Papers 180, OECD, Development Centre. [Downloadable!]
  2. Wheeler, David & Mody, Ashoka, 1992. "International investment location decisions : The case of U.S. firms," Journal of International Economics, Elsevier, vol. 33(1-2), pages 57-76, August. [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!]
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  4. Paul A. Gompers & Joy L. Ishii & Andrew Metrick, 2001. "Corporate Governance and Equity Prices," NBER Working Papers 8449, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Ashoka Mody & Mark P. Taylor, 2002. "International Capital Crunches: The Time-Varying Role of Informational Asymmetries," IMF Working Papers 02/43, International Monetary Fund.
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  6. Chuhan, Punam & Claessens,Constantijn A. & Mamingi, Nlandu, 1993. "Equity and bond flows to Asia and Latin America : the role of global and country factors," Policy Research Working Paper Series 1160, The World Bank. [Downloadable!]
  7. Adolfo Barajas & Roberto Steiner, 2002. "Credit Stagnation in Latin America," IMF Working Papers 02/53, International Monetary Fund.
  8. Tirole, Jean, 2001. "Corporate Governance," Econometrica, Econometric Society, vol. 69(1), pages 1-35, January.
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  9. Shang-Jin Wei, 2000. "How Taxing is Corruption on International Investors?," The Review of Economics and Statistics, MIT Press, vol. 82(1), pages 1-11, February. [Downloadable!] (restricted)
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  10. Ugo Panizza, 2001. "Electoral Rules, Political Systems, and Institutional Quality," Economics and Politics, Blackwell Publishing, vol. 13(3), pages 311-342, November. [Downloadable!] (restricted)
  11. Arturo Galindo & Alejandro Micco, 2001. "Creditor Protection and Financial Cycles," RES Working Papers 4249, Inter-American Development Bank, Research Department. [Downloadable!]
  12. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June. [Downloadable!] (restricted)
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  13. Mitton, Todd, 2002. "A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis," Journal of Financial Economics, Elsevier, vol. 64(2), pages 215-241, May. [Downloadable!] (restricted)
  14. Alejandro Izquierdo, 2002. "Sudden Stops, the Real Exchange Rate and Fiscal Sustainability in Argentina," The World Economy, Blackwell Publishing, vol. 25(7), pages 903-923, 07. [Downloadable!] (restricted)
  15. Johnson, Simon & Boone, Peter & Breach, Alasdair & Friedman, Eric, 2000. "Corporate governance in the Asian financial crisis," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 141-186. [Downloadable!] (restricted)
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  16. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04. [Downloadable!] (restricted)
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  17. Kaufmann, Daniel & Kraay, Aart & Zoido-Lobaton, Pablo, 1999. "Aggregating governance indicators," Policy Research Working Paper Series 2195, The World Bank. [Downloadable!]
  18. Klapper, Leora F. & Love, Inessa, 2002. "Corporate governance, investor protection, and performance in emerging markets," Policy Research Working Paper Series 2818, The World Bank. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Luis H. Gutiérrez & Carlos Pombo & Rodrigo Taborda, 2005. "Propiedad y control en empresas colombianas," RES Working Papers 3221, Inter-American Development Bank, Research Department. [Downloadable!]
  2. Luis H. Gutiérrez & Carlos Pombo & Rodrigo Taborda, 2005. "Ownership and Control in Colombian Corporations," RES Working Papers 3220, Inter-American Development Bank, Research Department. [Downloadable!]
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