Reinhart, Carmen and Calvo, Guillermo and Leiderman, Leonardo (1993): “Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors. Published in: ” IMF Staff Papers , Vol. 40, No. 1 (March 1993): pp. 108-151.
Download (1914Kb) | Preview
The characteriscs 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 rstes. The importance of external factors suggests that a reeversal in those condiitons may lead to a future capital outflow, increasing the macroeconomic vulnerability on Latin American economies. Policy options, it is argued, are limited.
|Item Type:||MPRA Paper|
|Original Title:||“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors|
|Subjects:||F - International Economics > F3 - International Finance
E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles
|Depositing User:||Carmen Reinhart|
|Date Deposited:||13. Feb 2008 09:22|
|Last Modified:||11. Feb 2013 18:54|