Capital Inflows to Latin America The 1970's and the 1990's

During the past two years Latin America has received sizable international capital inflows. This paper compares the recent experience with that of the late 1970s. The analysis examines differences and similarities between the two episodes in three broad areas: domestic macroeconomic conditions in th...

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Bibliographic Details
Main Author: Reinhart, Carmen
Other Authors: Calvo, Guillermo, Leiderman, Leonardo
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1992
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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300 |a 25 pages 
651 4 |a United States 
653 |a Stock exchanges 
653 |a Finance 
653 |a Balance of payments 
653 |a Open Economy Macroeconomics 
653 |a Long-term Capital Movements 
653 |a Currency 
653 |a Trade: General 
653 |a Exports and Imports 
653 |a General Financial Markets: General (includes Measurement and Data) 
653 |a International Lending and Debt Problems 
653 |a International economics 
653 |a External debt 
653 |a Debts, External 
653 |a Foreign Exchange 
653 |a Financial markets 
653 |a International trade 
653 |a Capital inflows 
653 |a Stock markets 
653 |a Exports 
653 |a Real exchange rates 
653 |a Capital movements 
653 |a Finance: General 
653 |a Foreign exchange 
653 |a International Investment 
700 1 |a Calvo, Guillermo 
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520 |a During the past two years Latin America has received sizable international capital inflows. This paper compares the recent experience with that of the late 1970s. The analysis examines differences and similarities between the two episodes in three broad areas: domestic macroeconomic conditions in the recipient countries at the outset of both episodes, the behavior of the external factors that influence the international allocation of capital, and the response of key macroeconomic variables, such as the real exchange rate, reserves, and stock prices. The paper aims at assessing how vulnerable these economies are to an unexpected and swift reversal in capital inflows, and whether there are signs that the vulnerability has changed appreciably over time