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Capital Flows to Latin America: Is There Evidence of Contagion Effects?”

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  • Reinhart, Carmen
  • Calvo, Sara

Abstract

The issue of "spillover or contagion" effects has acquired renewed importance in light of the Mexican crisis in December 1994 and the effect that this event has had on other emerging market economies. Relatively little empirical analysis exists on how small open economies are affected by economic developments in their neighbors and what role financial markets play in the transmission of disturbances. This paper attempts to fill that gap by examining recent developments in emerging equity markets in Asia and Latin America and longer term trends and cycles in capital flows to Latin American economies and their sensitivity to events in the larger countries in the region.

Suggested Citation

  • Reinhart, Carmen & Calvo, Sara, 1996. "Capital Flows to Latin America: Is There Evidence of Contagion Effects?”," MPRA Paper 7124, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:7124
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    File URL: https://mpra.ub.uni-muenchen.de/7124/1/MPRA_paper_7124.pdf
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    References listed on IDEAS

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    1. Michael P. Dooley, 1988. "Capital Flight: A Response to Differences in Financial Risks," IMF Staff Papers, Palgrave Macmillan, vol. 35(3), pages 422-436, September.
    2. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994. "The Capital Inflows Problem: Concepts And Issues," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 54-66, July.
    3. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994. "The Capital Inflows Problem: Concepts And Issues," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 54-66, July.
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    JEL classification:

    • F3 - International Economics - - International Finance

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