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

Guillermo Calvo, Leonardo Leiderman and Carmen Reinhart
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Leonardo Leiderman: International Monetary Fund

IMF Staff Papers, 1993, vol. 40, issue 1, 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: F41 G1 (search for similar items in EconPapers)
Date: 1993
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Related works:
Working Paper: Af1uencia de capital y apreciacion del tipo de cambio real en America Latina: E1 papel de los factores externos (1993)
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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