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Los capitales extranjeros en tres economías latinoamericanas

Author

Listed:
  • Roberto Steiner

Abstract

“Recientemente los países de la región han recibido ingresos de capital en montos desconocidos desde hace una década. Este documento presenta un análisis comparativo de las experiencias argentina, chilena y colombiana, basándose, entre otros, en los estudios de Fanelli y Damill (1993), Agosin, et.al. (1993) y Cárdenas y Barrera (1993). En esta introducción se esbozan algunas consideraciones analíticas pertinentes para el estudio. El reciente in flujo de capitales ha tenido que ver tanto con factores de "atracción" como de "expulsión”. En los distintos países se generaron interesantes controversias sobre cuáles deben ser los objetivos de las políticas monetaria y cambiaria en economías más abiertas y en qué medida existen instrumentos para controlar la entrada de capitales diferentes al control de cambios tradicional. La presunción en contra de la entrada de capitales es que la revaluación real que éstos inducen impacta desfavorablemente las exportaciones y puede afectar negativamente a los sectores sustitutivos de importaciones. La incapacidad de los flujos de capital de inducir mayores niveles de inversión coincide con la experiencia del Cono Sur a fines de los setenta y comienzos de los ochenta. Existen, sin embargo, algunos ejemplos en el sentido de que, no obstante el deterioro en el balance comercial, la apertura ha sido " jalonada" por la inversión. En resumen, el análisis del impacto de los flujos involucra tres aspectos, los cuales determinan el ordenamiento del presente documento. De una parte, se requiere aproximar el monto de los mismos y determinar su naturaleza. En segunda instancia, interesa entender el manejo macroeconómico efectivamente llevado a cabo. Finalmente, se deben analizar los efectos sobre la inversión.”

Suggested Citation

  • Roberto Steiner, 1993. "Los capitales extranjeros en tres economías latinoamericanas," Coyuntura Económica, Fedesarrollo, vol. 23(3), pages 135-150, October.
  • Handle: RePEc:col:000438:013667
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    File URL: http://hdl.handle.net/11445/2284
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    References listed on IDEAS

    as
    1. Patricia Correa, 1984. "Determinantes de la cuenta de servicios de la balanza cambiaria," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 3(6), pages 47-125, December.
    2. Mr. Claudio M. Loser & Mr. Eliot Kalter, 1992. "Mexico: The Strategy to Achieve Sustained Economic Growth," IMF Occasional Papers 1992/002, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Informes de Investigación; Capitales Extranjeros; Balanza de Pagos; Inversiones Extranjeras; Flujos de Capital; Movimientos de Capitales; Tipo de Cambio; Política Monetaria; Política Fiscal; Exportaciones; Coyuntura Económica Latinoamericana;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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