IDEAS home Printed from https://ideas.repec.org/a/col/000438/013667.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/11445/2284
    Download Restriction: no
    ---><---

    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)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sebastian Edwards, 1997. "The Mexican Peso Crisis? How Much Did We Know? When Did We Know It?," NBER Working Papers 6334, National Bureau of Economic Research, Inc.
    2. Anne O. Krueger, 2019. "Increased capital mobility and policy reform in developing countries," Indian Economic Review, Springer, vol. 54(1), pages 113-133, December.
    3. Sergio Clavijo, 2000. "Las Multilaterales Y Las Crisis Asiática (1997-2000): La Visión Desde Un País Usuario (Colombia)," Borradores de Economia 3119, Banco de la Republica.
    4. M. Ayhan Kose & Guy M. Meredith & Christopher M. Towe, 2005. "How Has NAFTA Affected the Mexican Economy? Review and Evidence," Springer Books, in: Rolf J. Langhammer & Lúcio Vinhas Souza (ed.), Monetary Policy and Macroeconomic Stabilization in Latin America, pages 35-81, Springer.
    5. Filho, Irineu de Carvalho & Chamon, Marcos, 2012. "The myth of post-reform income stagnation: Evidence from Brazil and Mexico," Journal of Development Economics, Elsevier, vol. 97(2), pages 368-386.
    6. Elizabeth Berko & John Clark, 1997. "Foreign investment fluctuations and emerging market stock returns: the case of Mexico," Staff Reports 24, Federal Reserve Bank of New York.
    7. Julio A. Santaella & Abraham E. Vela, 2005. "The 1987 Mexican Disinflation Program: An Exchange-rate-based Stabilization?," Economía Mexicana NUEVA ÉPOCA, CIDE, División de Economía, vol. 0(1), pages 5-40, January-J.
    8. John Thornton, 1996. "Cointegration, error correction, and the demand for money in Mexico," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 132(4), pages 690-699, December.
    9. Roberto Steiner, 1997. "El posible destino de los ingresos del narcotráfico," Coyuntura Económica, Fedesarrollo, March.
    10. Ocampo, José Antonio, 1996. "Capital flows: savings and investment in Colombia, 1990-1995," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 35139, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    11. de Aghion, Beatriz Armendariz & de Hinestrosa, Patricia Armendariz, 1995. "Debt relief, growth and price stability in Mexico," Journal of Development Economics, Elsevier, vol. 48(1), pages 135-149, October.
    12. John Thornton, 1996. "The adjustment of nominal interest rates in Mexico: a study of the Fisher effect," Applied Economics Letters, Taylor & Francis Journals, vol. 3(4), pages 255-257.
    13. Hernando José Gómez R., 1988. "La economía ilegal en Colombia : tamano, evolución, características e impacto económico," Coyuntura Económica, Fedesarrollo, vol. 18(3), pages 93-113, September.
    14. Sebastian Edwards & Miguel A. Savastano, 2000. "The Mexican Peso in the Aftermath of the 1994 Currency Crisis," NBER Chapters, in: Currency Crises, pages 183-236, National Bureau of Economic Research, Inc.
    15. Francisco E. Thoumi, 2005. "The causes of illegal drug industry growth in the Andes, anti-drug policies and their effectiveness," Borradores de Investigación, CEODD 4661, Universidad del Rosario.
    16. Julio A. Santaella & Mr. Abraham Everardo Vela, 1996. "The 1987 Mexican Disinflation Program: An Exchange-Rate-Based Stabilization?," IMF Working Papers 1996/024, International Monetary Fund.
    17. Alejandra Trejo Nieto, 2010. "The aftermath of openness and integration in the Mexican manufacturing," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 30(1), pages 23-44, February.
    18. Jacob A. Jordaan, 2008. "State Characteristics and the Locational Choice of Foreign Direct Investment: Evidence from Regional FDI in Mexico 1989–2006," Growth and Change, Wiley Blackwell, vol. 39(3), pages 389-413, September.
    19. Sergio Clavijo, 2000. "Las Multilaterales y la Crisis Asiática (1997-2000): La Visión desde un País Usuario (Colombia)," Borradores de Economia 142, Banco de la Republica de Colombia.
    20. Mr. Marcelo P. Dabós & Mr. V. Hugo Juan-Ramon, 2000. "Real Exchange Rate Response to Capital Flows in Mexico: An Empirical Analysis," IMF Working Papers 2000/108, International Monetary Fund.

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000438:013667. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Patricia Monroy (email available below). General contact details of provider: https://edirc.repec.org/data/fedesco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.