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

Carmen Reinhart, Guillermo Calvo and Leonardo Leiderman

No 1992/085, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; terms of trade; debt crisis; consumer price index; exchange rate appreciation; net capital; world debt table; inflation rate; creating flow; external borrowing; rate debt; Capital inflows; Real exchange rates; Stock markets; Exports; Western Hemisphere (search for similar items in EconPapers)
Pages: 25
Date: 1992-10-01
References: Add references at CitEc
Citations: View citations in EconPapers (28)

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=1828 (application/pdf)

Related works:
Chapter: Capital Inflows to Latin America: The 1970s and 1990s (1994)
Working Paper: Capital Inflows to Latin America: The 1970s and 1990s (1994)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:1992/085

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().