Af1uencia de capital y apreciacion del tipo de cambio real en America Latina: E1 papel de los factores externos

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

Carmen Reinhart, Guillermo Calvo and Leonardo Leiderman

MPRA Paper from University Library of Munich, Germany

Abstract: The characteristics 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 rates. The importance of external factors suggests that a reversal in those conditons may lead to a future capital outflow, increasing the macroeconomic vulnerability on Latin American economies. Policy options, it is argued, are limited.

Keywords: flujos; de; capital; factores; internacionales; crisis; financiera (search for similar items in EconPapers)
JEL-codes: F31 F32 F41 (search for similar items in EconPapers)
Date: 1993
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Citations: View citations in EconPapers (5)

Published in Macroeconomia de los Flujos de Capital en Colombia y América Latina (1993): pp. 15-84

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Related works:
Journal Article: 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 (1993)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:13681

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