“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors
AbstractThe characteriscs of recent capital inflows to Latin America are discussed. It is argued that these inflows are partially explained by economic conditions outside the region, like the recession in the United States and lower international interest rstes. The importance of external factors suggests that a reeversal in those condiitons may lead to a future capital outflow, increasing the macroeconomic vulnerability on Latin American economies. Policy options, it is argued, are limited.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 7125.
Date of creation: 1993
Date of revision:
Publication status: Published in ” IMF Staff Papers 1.40(1993): pp. 108-151
Other versions of this item:
- Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
- Leonardo Leiderman & Carmen Reinhart & Guillermo Calvo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Working Papers 92/62, International Monetary Fund.
- F3 - International Economics - - International Finance
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
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