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El problema de la afluencia de capital: Conceptos y temas
[The Capital Inflows Problem: Concepts and Issues]

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  • Reinhart, Carmen
  • Calvo, Guillermo
  • Leiderman, Leonardo

Abstract

Since 1990 capital has flowed from industrial countries to developing regions like Latin America, and parts of Asia. Reentry into international capital markets is a welcome turn of events for most countries. However, capital inflows are often associated with inflationary pressures, a real exchange rate appreciation, a deterioration in the current account, and a boom in bank lending. This paper briefly examines how these inflows have altered the macroeconomic environment in a number of Asian and Latin American countries. The pros and cons of the policy options are discussed.

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File URL: http://mpra.ub.uni-muenchen.de/13682/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13682.

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Date of creation: 1993
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Handle: RePEc:pra:mprapa:13682

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Keywords: flujos de capital volatilidad tipo de cambio reservas internacionales Asia America Latina;

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References

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  1. Liliana Rojas-Suárez & Donald J. Mathieson, 1993. "Liberalization of the Capital Account," IMF Occasional Papers 103, International Monetary Fund.
  2. D. F. I. Folkerts-Landau & Donald J. Mathieson & Morris Goldstein & Liliana Rojas-Suárez & José Saúl Lizondo & Timothy D. Lane, 1991. "Determinants and Systemic Consequences of International Capital Flows," IMF Occasional Papers 77, International Monetary Fund.
  3. Calvo, Guillermo & Vegh, Carlos, 1992. "Currency Substitution in Developing Countries: An Introduction," MPRA Paper 20338, University Library of Munich, Germany.
  4. Mohamed A. El-Erian, 1992. "Restoration of Access to Voluntary Capital Market Financing: The Recent Latin American Experience," IMF Staff Papers, Palgrave Macmillan, vol. 39(1), pages 175-194, March.
  5. Carmen Reinhart & Guillermo Calvo & Leonardo Leiderman, 1992. "Capital Inflows to Latin America," IMF Working Papers 92/85, International Monetary Fund.
  6. Guillermo Calvo & Carlos A. Végh Gramont, 1992. "Currency Substitution in Developing Countries," IMF Working Papers 92/40, International Monetary Fund.
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