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Managing Temporary Capital Inflows: Lessons from Asia and Latin America

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  • Helmut Reisen

    (International Policy Issues, OECD Development Centre, Paris.)

Abstract

As witnessed by Mexico and Argentina in 1995 and by the Southern Cone countries of Latin America in the early 1980s, the macroeconomic adjustment to a sudden reversal of foreign capital flows can be extremely painful. There are at least four major reasons why governments and central banks should care about the sustainability of the capital flows

Suggested Citation

  • Helmut Reisen, 1995. "Managing Temporary Capital Inflows: Lessons from Asia and Latin America," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 34(4), pages 395-427.
  • Handle: RePEc:pid:journl:v:34:y:1995:i:4:p:395-427
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    File URL: http://www.pide.org.pk/pdf/PDR/1995/Volume4/395-427.pdf
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    References listed on IDEAS

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    1. Sebastian Edwards, 1990. "The Sequencing of Economic Reform: Analytical Issues and Lessons from Latin American Experiences," The World Economy, Wiley Blackwell, vol. 13(1), pages 1-14, March.
    2. Jeffrey A. Frankel, 1997. "Sterilization of money inflows: Difficult (Calvo) or Easy (Reisen)?," Estudios de Economia, University of Chile, Department of Economics, vol. 24(2 Year 19), pages 263-285, December.
    3. Reisen, Helmut & Yeches, Helene, 1993. "Time-varying estimates on the openness of the capital account in Korea and Taiwan," Journal of Development Economics, Elsevier, vol. 41(2), pages 285-305, August.
    4. Brecher, Richard A. & Diaz Alejandro, Carlos F., 1977. "Tariffs, foreign capital and immiserizing growth," Journal of International Economics, Elsevier, vol. 7(4), pages 317-322, November.
    5. Devlin, Robert & Ffrench-Davis, Ricardo & Griffith-Jones, Stephany, 1994. "Surges in capital flows and development: an overview of policy issues," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 33972, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    6. Bernhard Fischer & Helmut Reisen, 1995. "Pension Fund Investment from Ageing to Emerging Markets," OECD Development Centre Policy Briefs 9, OECD Publishing.
    7. Rudiger Dornbusch & Alejandro Werner, 1994. "Mexico: Stabilization, Reform, and No Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(1), pages 253-316.
    8. Bernhard Fischer & Helmut Reisen, 1992. "Towards Capital Account Convertibility," OECD Development Centre Policy Briefs 4, OECD Publishing.
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    Cited by:

    1. Kiichiro Fukasaku & David Martineau, 1999. "Coopération monétaire en Asie de l'Est : l'apport des tests de causalité et de la cointégration," Économie et Prévision, Programme National Persée, vol. 140(4), pages 105-116.
    2. 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.
    3. 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.

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