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Aspectos macroeconómicos de los flujos de capitales hacia América Latina: experiencia y aspectos resaltantes de políticas

Author

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  • Michael Gavin
  • Ricardo Hausmann
  • Leonardo Leiderman

Abstract

(Disponible en idioma inglés únicamente) En este trabajo se analiza la experiencia reciente con los flujos de capitales internacionales en América Latina y se tratan los aspectos resaltantes de las políticas relacionadas. El trabajo parte de tres premisas básicas. Los ingresos de capitales hacia la región son una fuente importante de alteraciones macroeconómicas. Además, los ingresos de capitales son sumamente inestables. Las grandes fluctuaciones de esos flujos se deben en gran medida a factores externos a América Latina. Además, las fluctuaciones ameritan una respuesta de políticas. La política debe responder a entradas o salidas repentinas de capitales.

Suggested Citation

  • Michael Gavin & Ricardo Hausmann & Leonardo Leiderman, 1995. "Aspectos macroeconómicos de los flujos de capitales hacia América Latina: experiencia y aspectos resaltantes de políticas," Research Department Publications 4013, Inter-American Development Bank, Research Department.
  • Handle: RePEc:idb:wpaper:4013
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    References listed on IDEAS

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    1. Chuhan, Punam & Claessens, Stijn & Mamingi, Nlandu, 1998. "Equity and bond flows to Latin America and Asia: the role of global and country factors," Journal of Development Economics, Elsevier, vol. 55(2), pages 439-463, April.
    2. Russell Cooper & Andrew John, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, Oxford University Press, vol. 103(3), pages 441-463.
    3. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-666, September.
    4. Carmen M. Reinhart & Sara Calvo, 1996. "Capital Flows to Latin America: Is There Evidence of Contagion Effects?," Peterson Institute Press: Chapters,in: Guillermo A. Calvo & Morris Goldstein & Eduard Hochreiter (ed.), Private Capital Flows to Emerging Markets After the Mexican Crisis, pages 151-171 Peterson Institute for International Economics.
    5. Fernandez-Arias, Eduardo, 1996. "The new wave of private capital inflows: Push or pull?," Journal of Development Economics, Elsevier, vol. 48(2), pages 389-418, March.
    6. Alesina, Alberto & Drazen, Allan, 1991. "Why Are Stabilizations Delayed?," American Economic Review, American Economic Association, vol. 81(5), pages 1170-1188, December.
    7. Reinhart, Carmen & Leiderman, Leonardo, 1994. "Capital inflows to Latin America," MPRA Paper 13406, University Library of Munich, Germany.
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