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Inflows of capital to developing countries in the 1990s

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

Abstract

Half a decade has passed since the resurgence of international capital flows to many developing countries. The recent surge in capital inflows was initially attributed to domestic developments, such as the sound policies and stronger economic performance of a handful of countries. Eventually, it became clear that the phenomenon was widespread, affecting countries with very diverse characteristics. This pattern suggested that global factors, like cyclical movements in interest rates, were especially important. This paper discusses the principal facts, developments and policies that characterize the current episode of capital inflows to Asia and Latin America.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13707.

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Date of creation: 1996
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Publication status: Published in Journal of Economic Perspectives 2.10(1996): pp. 123-139
Handle: RePEc:pra:mprapa:13707

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Keywords: capital flows international interest rates monetary policy exchange rates;

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  1. Fernandez-Arias, Eduardo & DEC, 1994. "The new wave of private capital inflows : push or pull?," Policy Research Working Paper Series, The World Bank 1312, The World Bank.
  2. Guillermo A. Calvo, 1991. "The Perils of Sterilization," IMF Staff Papers, Palgrave Macmillan, Palgrave Macmillan, vol. 38(4), pages 921-926, December.
  3. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 90(358), pages 314-29, June.
  4. Robert Brandon Kahn & Adam Bennett & María Vicenta Carkovic S. & Susan Schadler, 1993. "Recent Experiences with Surges in Capital Inflows," IMF Occasional Papers, International Monetary Fund 108, International Monetary Fund.
  5. Baldwin, Richard E. & Lyons, Richard K., 1994. "Exchange rate hysteresis? Large versus small policy misalignments," European Economic Review, Elsevier, Elsevier, vol. 38(1), pages 1-22, January.
  6. Montiel, Peter J., 1993. "Capital mobility in developing countries : some measurement issues and empirical estimates," Policy Research Working Paper Series, The World Bank 1103, The World Bank.
  7. Feenstra, Robert C, 1985. "Anticipated Devaluations, Currency Flight, and Direct Trade Controls in a Monetary Economy," American Economic Review, American Economic Association, American Economic Association, vol. 75(3), pages 386-401, June.
  8. Michael P. Dooley, 1988. "Capital Flight: A Response to Differences in Financial Risks," IMF Staff Papers, Palgrave Macmillan, Palgrave Macmillan, vol. 35(3), pages 422-436, September.
  9. Reinhart, Carmen & Leiderman, Leonardo, 1994. "Capital inflows to Latin America," MPRA Paper, University Library of Munich, Germany 13406, University Library of Munich, Germany.
  10. Jeffrey A. Frankel., 1993. "Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?," Center for International and Development Economics Research (CIDER) Working Papers, University of California at Berkeley C93-024, University of California at Berkeley.
  11. Guillermo A. Calvo, 1988. "Costly Trade Liberalizations: Durable Goods and Capital Mobility," IMF Staff Papers, Palgrave Macmillan, Palgrave Macmillan, vol. 35(3), pages 461-473, September.
  12. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994. "The Capital Inflows Problem: Concepts And Issues," Contemporary Economic Policy, Western Economic Association International, Western Economic Association International, vol. 12(3), pages 54-66, 07.
  13. Gooptu, Sudarshan, 1993. "Portfolio investment flows to emerging markets," Policy Research Working Paper Series, The World Bank 1117, The World Bank.
  14. Rudiger Dornbusch, 1981. "Real Interest Rates, Home Goods, and Optimal External Borrowing," NBER Working Papers, National Bureau of Economic Research, Inc 0779, National Bureau of Economic Research, Inc.
  15. Reinhart, Carmen & Vegh, Carlos, 1994. "Intertemporal consumption substitution and inflation stabilization:An empirical investigation," MPRA Paper, University Library of Munich, Germany 13427, University Library of Munich, Germany.
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