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Crecimiento y financiamiento externo en América Latina

  • Carmen Reinhart
  • Guillermo A. Calvo
  • Eduardo Fernández-Arias

    ()

  • Ernesto Talvi

(Disponible en idioma inglés únicamente) En este trabajo se trata el desempeño económico de América Latina durante la última década, y se le presta atención especial al crecimiento y al sector financiero. En particular, se muestra que factores externos tales como las tasas de interés en EE. UU. y el ciclo económico desempeñan un papel clave en los ingresos de capitales, la inversión y el crecimiento. Como consecuencia de ello, el crecimiento económico de la región tiende a ser frágil y exhibe un elevado grado de movimiento conjunto, es decir, una elevada correlación de la producción entre los países. Esta última característica exacerba la fragilidad, porque hay poco espacio para el aseguramiento mutuo dentro de América Latina, en caso de que un país sufra una sacudida grave, y el financiamiento durante los cambios desfavorables de la coyuntura debe provenir principalmente de fuera de la región.

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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4278.

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Date of creation: Aug 2001
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Handle: RePEc:idb:wpaper:4278
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  1. Peter J. Montiel & Eduardo Fernández-Arias, 1997. "Reform and Growth in Latin America: all Pain, no Gain?," IDB Publications (Working Papers) 6801, Inter-American Development Bank.
  2. 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.
  3. Hausmann, Ricardo & Panizza, Ugo & Stein, Ernesto, 2001. "Why do countries float the way they float?," Journal of Development Economics, Elsevier, vol. 66(2), pages 387-414, December.
  4. 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.
  5. Eduardo Fern·ndez-Arias & Peter Montiel, 2001. "Reform and Growth in Latin America: All Pain, No Gain?," IMF Staff Papers, Palgrave Macmillan, vol. 48(3), pages 5.
  6. Carmen Reinhart & Guillermo A. Calvo & Eduardo Fernández-Arias & Ernesto Talvi, 2001. "The Growth-Interest Rate Cycle in the United States and its Consequences for Emerging Markets," Research Department Publications 4279, Inter-American Development Bank, Research Department.
  7. Guillermo A. Calvo & Eduardo Fernández-Arias & Ernesto Talvi & Carmen M. Reinhart, 2001. "The Growth-Interest Rate Cycle in the United States and its Consequences for Emerging Markets," IDB Publications (Working Papers) 6491, Inter-American Development Bank.
  8. Reinhart, Carmen & Montiel, Peter, 2001. "The Dynamics of Capital Movements to Emerging Economies During the 1990s," MPRA Paper 7577, University Library of Munich, Germany.
  9. 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.
  10. Ricardo Hausmann & Ugo Panizza & Ernesto H. Stein, 2000. "Why Do Countries Float the Way They Float?," IDB Publications (Working Papers) 6467, Inter-American Development Bank.
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