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Capital inflows to Latin America with reference to the Asian experience

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

Abstract

This essay has four objectives. The first is to document the current episode of capital inflows to Latin America based on data for ten Latin American countries. 6 The second is to compare the Latin American experience with that of a number of Asian countries that have also been the recipients of sizable capital inflows and examine to what extent the nature of the capital inflows and macroeconomic consequences are similar in the two cases. The third is to assess the role of external factors in accounting for the observed capital inflows and the real exchange rate appreciation in Latin America. Last, the chapter discusses the implications of capital inflows for economic policy.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13840.

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Date of creation: 1995
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Handle: RePEc:pra:mprapa:13840

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Keywords: capital flows real exchange rate international reserves reversals crises;

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References

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  1. Liliana Rojas-Suárez & Donald J. Mathieson, 1993. "Liberalization of the Capital Account: Experiences and Issues," IMF Occasional Papers 103, International Monetary Fund.
  2. Guillermo A. Calvo, 1983. "Trying to Stabilize: Some Theoretical Reflections Based on the Case of Argentina," NBER Chapters, in: Financial Policies and the World Capital Market: The Problem of Latin American Countries, pages 199-220 National Bureau of Economic Research, Inc.
  3. Blanchard, Olivier Jean, 1989. "A Traditional Interpretation of Macroeconomic Fluctuations," American Economic Review, American Economic Association, vol. 79(5), pages 1146-64, December.
  4. Stiglitz, Joseph E, 1990. "Symposium on Bubbles," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 13-18, Spring.
  5. Stock, J.H. & Watson, M.W., 1989. "New Indexes Of Coincident And Leading Economic Indicators," Papers 178d, Harvard - J.F. Kennedy School of Government.
  6. Ben S. Bernanke, 1986. "Alternative Explanations of the Money-Income Correlation," NBER Working Papers 1842, National Bureau of Economic Research, Inc.
  7. Calvo, Guillermo & Vegh, Carlos, 1991. "Exchange rate stabilization under imperfect credibility," MPRA Paper 20486, University Library of Munich, Germany.
  8. 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.
  9. Watson, Mark W. & Engle, Robert F., 1983. "Alternative algorithms for the estimation of dynamic factor, mimic and varying coefficient regression models," Journal of Econometrics, Elsevier, vol. 23(3), pages 385-400, December.
  10. Carlos F. Diaz-Alejandro, 1984. "Latin American Debt: I Don't Think We Are in Kansas Anymore," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 15(2), pages 335-403.
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Cited by:
  1. Gala, Paulo Sérgio de Oliveira Simões & Pereira, Luiz Carlos Bresser, 2008. "Why foreign savings fail to cause growth," Textos para discussão 159, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  2. Ramkishen Rajan, 2010. "Sand in the Wheels of International Finance: Revisiting the Debate in Light of the East Asian Mayhem," Working Papers id:2686, eSocialSciences.
  3. Ramkishen Rajan, 2010. "The Currency and Financial Crisis in Southeast Asia: A Case of 'Sudden Death' or Death Foretold'?," Working Papers id:2583, eSocialSciences.
  4. Pereira, Luiz Carlos Bresser & Nakano, Yoshiaki, 2002. "Economic Growth With Foreign Saving?," Textos para discussão 118, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  5. P. Manasse & L. Zavalloni, 2013. "Sovereign Contagion in Europe: Evidence from the CDS Market," Working Papers wp863, Dipartimento Scienze Economiche, Universita' di Bologna.
  6. Leonardo Bartolini & Allan Drazen, 1998. "When Liberal Policies Reflect External Shocks, What Do We Learn?," NBER Working Papers 5727, National Bureau of Economic Research, Inc.
  7. Graham Bird & Ramkishen S. Rajan, 2001. "Coping with, and cashing in on, international capital volatility," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(1), pages 1-23.
  8. Melike Altinkemer, 2001. "Capital Inflows And Central Bank’s Policy Response," Discussion Papers 0103, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  9. Sebastian Edwards, 1999. "Crisis Prevention: Lessons from Mexico and East Asia," NBER Working Papers 7233, National Bureau of Economic Research, Inc.
  10. Maria Angelica Arbelaez & Juan Jose Echavarria, 2002. "Credit, Financial Liberalization and Manufacturing Investment in Colombia," Research Department Publications 3145, Inter-American Development Bank, Research Department.

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