Mercados financieros, flujos de capital y tipo de cambio en México
This paper examines the nature and determinants of the surge in capital flows to Mexico between 1990 and 1993 and the resulting macroeconomic adjustments in the financial and goods markets. The paper argues that this episode of massive capital inflows led to an overshooting of the real exchange rate with respect to its long term equilibrium value. As a result, the Mexican economy was facing, already since mid-1992, a macroeconomic adjustment problem whose solution required a real devaluation of the peso. The paper also presents a comparison of the recent episode with the previous episode of capital inflows associated to the oil boom in the late 1970s and early 1980s.
Volume (Year): IV (1995)
Issue (Month): 1 (January-June)
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