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Author: Mr.Guillermo Calvo
Publisher: International Monetary Fund
ISBN: 1451964455
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
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 recession in the United States and lower international interest rates. This suggests the possibility that a reversal of those conditions may lead to a future capital outflow, increasing the macroeconomic vulnerability of Latin American economies. Policy options are argued to be limited.
Author: Mr.Guillermo Calvo
Publisher: International Monetary Fund
ISBN: 1451964455
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
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 recession in the United States and lower international interest rates. This suggests the possibility that a reversal of those conditions may lead to a future capital outflow, increasing the macroeconomic vulnerability of Latin American economies. Policy options are argued to be limited.
Author: Guillermo A. Calvo
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 70
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Book Description
Author: Prema-chandra Athukorala
Publisher:
ISBN: 9781740320412
Category : Asia
Languages : en
Pages : 34
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Book Description
Author: Guillermo A. Calvo
Publisher:
ISBN:
Category :
Languages : en
Pages : 66
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Book Description
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 recession in the United States and lower international interest rates. This suggests the possibility that a reversal of those conditions may lead to a future capital outflow, increasing the macroeconomic vulnerability of Latin American economies. Policy options are argued to be limited.
Author: Sebastian Edwards
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 98
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Book Description
This paper deals with some of the most important aspects of Latin America's experience with capital flows during the last twenty-five years. The paper begins with a historical analysis. I then deal with the sequencing of reform and discuss issues related to the relationship between capital flows, real exchange rates, and international competitiveness. I next concentrate on the role of capital controls as a device for isolating emerging economies from the volatility of international capital markets. I begin by reviewing the policy issues and the current debate on the subject. I then present an empirical analysis of Chile's recent experiences with capital controls and make some comparisons to the recent experiences of Columbia. The analysis of the Chilean experience is particularly important since its practice of imposing reserves requirements on capital inflows has been praised by a number of analysts, including senior staff of the multilateral institutions, as an effective and efficient way of reducing the vulnerability associated with capital flows volatility. The results obtained suggest that capital controls in Chile have had mixed results: while they have allowed the Central Bank to have a greater degree of control over short term interest rates, they have failed in avoiding real exchange rate appreciation. The paper ends with some reflections, based on recent Latin American historical episodes, on the role of banks in intermediating capital inflows and on financial crises.
Author: Mr.Alexander W. Hoffmaister
Publisher: International Monetary Fund
ISBN: 1451855877
Category : Business & Economics
Languages : en
Pages : 50
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Book Description
This paper examines the links between capital inflows and the real exchange rate under pegged exchange rates. The analytical framework is described, and a near-VAR model linking capital inflows, interest rate differentials, government spending, money base velocity, and the temporary component of the real exchange rate (TCRER) is estimated for Korea, Mexico, the Philippines, and Thailand. TCRER movements are associated only weakly with shocks to capital flows. Negative shocks to U.S. interest rates lead to capital inflows in Asia and a TCRER appreciation in the Philippines and Thailand. Positive shocks to government spending have a small but statistically significant effect on the TCRER for Korea.
Author: Ricardo Hausmann
Publisher: IDB
ISBN: 1886938040
Category : Capital market
Languages : en
Pages : 114
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Book Description
Author: French-Davis Ricardo
Publisher: OECD Publishing
ISBN: 926416345X
Category :
Languages : en
Pages : 241
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Book Description
This book, the result of a joint project between the OECD Development Centre and the UN Economic Commission for Latin America and the Caribbean (ECLAC), examines the policies of a group of major Latin American countries faced with large inflows.
Author: Guillermo A. Calvo
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Ms.Ratna Sahay
Publisher: International Monetary Fund
ISBN: 1451847742
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
This paper examines the nature and composition of capital flows in selected countries in Central and Eastern Europe during 1987–93. The data show that there was a remarkable turnaround in the capital account in 1992–93. This improvement was accompanied by widening current account deficits, an increase in real consumption, and real exchange rate appreciation. In light of these developments, the paper discusses the main macroeconomic concerns raised by capital inflows and lays out the principal policy options relevant for the transition economies.
