“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors
Carmen Reinhart (),
Guillermo Calvo and
MPRA Paper from University Library of Munich, Germany
The characteriscs 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 rstes. The importance of external factors suggests that a reeversal in those condiitons may lead to a future capital outflow, increasing the macroeconomic vulnerability on Latin American economies. Policy options, it is argued, are limited.
JEL-codes: F3 E3 (search for similar items in EconPapers)
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Published in ” IMF Staff Papers 1.40(1993): pp. 108-151
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Journal Article: Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors (1993)
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 (1992)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:7125
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