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Capital flows to emerging markets: Liberalization, overshooting and volatility (a comment)
[apital flows to emerging markets: Liberalization, overshooting and volatility (a comment)]

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Author Info
Reinhart, Carmen

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Abstract

Comment on: Philiippe Bachetta and Eric Van Wincoop, who in this paper aim is to assess the impact of financial liberalization in emerging markets on the dynamics of capital flows to these countries. By positing a cost of absorbing these flows, the authors explain how liberalization can give rise to an “overshooting” of capital inflows and asset prices. In addition, the authors examine whether incomplete information can give rise to a high degree of volatility in capital flows as well as to contagion. They also suggest that deviations in capital inflows from their steady-state levels can be used as a potential signal of future crises.

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File URL: http://mpra.ub.uni-muenchen.de/13203/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13203.

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Date of creation: 2000
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Handle: RePEc:pra:mprapa:13203

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Related research
Keywords: Capital flows liberalization investment volatility asset price bubbles;

Find related papers by JEL classification:
F3 - International Economics - - International Finance
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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. Sebastian Edwards & Carlos A. Vegh, 1997. "Banks and Macroeconomics Disturbances under Predetermined Exchange Rates," NBER Working Papers 5977, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Kaminsky, Graciela L & Reinhart, Carmen M, 1998. "Financial Crises in Asia and Latin America: Then and Now," American Economic Review, American Economic Association, vol. 88(2), pages 444-48, May. [Downloadable!] (restricted)
    Other versions:
  3. Vicente Galbis, 1993. "High Real Interest Rates Under Financial Liberalization: Is There a Problem?," IMF Working Papers 93/7, International Monetary Fund.
  4. Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany. [Downloadable!]
    Other versions:
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