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La nueva onda de los flujos de capitales: ¿viraje radical o cambio efímero?

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  • Eduardo Fernández-Arias

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Abstract

(Disponible en idioma inglés únicamente) ¿Volverán a dispararse los flujos de capitales hacia América Latina a medida que los países de la región se vayan recuperando de la recesión de 1998-99? ¿Y volverán a desplomarse nuevamente poco después, repitiendo así el ciclo del pasado? ¿Hay alguna diferencia de fondo con la nueva ola de flujos de capitales que altere este patrón histórico, un cambio radical en la manera en que la región se vincula financieramente con los mercados internacionales de capitales? ¿O no hay nada verdaderamente nuevo bajo el sol y la nueva ola de flujos de capitales será simplemente un cambio de marea con una secuela de retiro de capitales y sequía en los mercados financieros? En este trabajo se abordan estas importantes cuestiones, sobre las que hay mucha controversia.

Suggested Citation

  • Eduardo Fernández-Arias, 2000. "La nueva onda de los flujos de capitales: ¿viraje radical o cambio efímero?," Research Department Publications 4200, Inter-American Development Bank, Research Department.
  • Handle: RePEc:idb:wpaper:4200
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    File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=WP-415&pub_file_name=pubWP-415.pdf
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    References listed on IDEAS

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    1. 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.
    2. 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.
    3. Montiel, Peter & Reinhart, Carmen M., 1999. "Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 619-635, August.
    4. 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.
    5. Reinhart, Carmen & Calvo, Guillermo, 2000. "When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options," MPRA Paper 6982, University Library of Munich, Germany.
    6. Fernandez-Arias, Eduardo & Montiel, Peter J, 1996. "The Surge in Capital Inflows to Developing Countries: An Analytical Overview," World Bank Economic Review, World Bank Group, vol. 10(1), pages 51-77, January.
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