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Af1uencia de capital y apreciacion del tipo de cambio real en America Latina: E1 papel de los factores externos

Reinhart, Carmen and Calvo, Guillermo and Leiderman, Leonardo (1993): Af1uencia de capital y apreciacion del tipo de cambio real en America Latina: E1 papel de los factores externos. Published in: Macroeconomia de los Flujos de Capital en Colombia y América Latina (1993): pp. 15-84.

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Abstract

The characteristics of recent capital inflows to Latin America are discussed. It is argued that these inflows are partially explained by economic conditions outside the region, like the recession in the United States and lower international interest rates. The importance of external factors suggests that a reversal in those conditons may lead to a future capital outflow, increasing the macroeconomic vulnerability on Latin American economies. Policy options, it is argued, are limited.

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