Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors

Guillermo A. Calvo, Leonardo Leiderman and Carmen M. Reinhart ()
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Leonardo Leiderman: International Monetary Fund

IMF Staff Papers, 1993, vol. 40, issue 1, pages 108-151

Abstract: The characteristics of recent capital inflows into Latin America are discussed. It is argued that these inflows are partly explained by 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 of those conditions may lead to a future capital outflow, increasing the macroeconomic vulnerability of Latin American economies. Policy options, it is argued, are limited.

JEL-codes: G1 F41 (search for similar items in EconPapers)
Date: 1993
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Working Paper: “Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors (1993)
Working Paper: Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors (1992)
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