Capital flows in Chile: from the tequila to the Asian crises
Latin America experienced sharp swings in net capital inflows in the last two decades, with significant effects on the domestic economy. Chile, in particular, recorded the highest rise in external debt in the years up to 1981, and in 1982 exhibited the sharpest drop in GDP (15 per cent) in all of Latin America. This took place in an already deeply liberalized and privatized economy, with a persistent fiscal surplus. In the early 1990s, already in transition to democracy, Chile was at the head of the 'emerging economies' facing a return of external finance. This renewal of supply took place in an international atmosphere of strong pressures from multilateral institutions, and the US authorities, for across-the-board capital account opening in recipient nations. Chile moved against the stream, with a selective opening, including the introduction of regulations on short-term and other volatile inflows. The outcome has been highly successful, particularly at the time of the Mexican and Argentinean crises of 1995. But also Chile, in spite of some untimely relative weakening of the regulations in 1996-97, has been facing in rather good shape the Asian crisis, notwithstanding a severe worsening of her terms of trade. Here we review the policies implemented by Chile in the 1990s and their effects. Copyright © 1999 John Wiley & Sons, Ltd.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 11 (1999)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://www3.interscience.wiley.com/journal/5102/home|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
- 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.
- Manuel Agosin & Ricardo French-Davis, 1997. "Managing capital inflows in Chile," Estudios de Economia, University of Chile, Department of Economics, vol. 24(2 Year 19), pages 297-326, December.
- Calvo, Guillermo A & Mendoza, Enrique G, 1996. "Petty Crime and Cruel Punishment: Lessons from the Mexican Debacle," American Economic Review, American Economic Association, vol. 86(2), pages 170-75, May.
When requesting a correction, please mention this item's handle: RePEc:wly:jintdv:v:11:y:1999:i:1:p:121-139. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.