Macroeconomic adjustment to capital inflows: Latin American style versus East Asian style
Vittorio Corbo, Leonardo Hernández, World Bank. International Economics Dept. International Finance Unit
International Finance Division, International Economics Dept., World Bank, 1994 - Business & Economics - 28 pages
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Argentina BALANCE OF PAYMENTS CAPITAL ACCOUNT BALANCE capital inflows capital outflows Central Bank Chile CHNG IN HLDGS Colombia Corbo CURRENT ACCOUNT DEFICIT depreciation developing countries direct foreign investment DIRECT INVESTMENT DOMESTIC CREDIT domestic interest rates EFFECTIVE EXCH RATE effects of capital ERRORS AND OMISSIONS exchange rate appreciation exchange rate regime exchange rate system export fixed exchange rate floating exchange rate FOREIGN ASSETS foreign currency foreign exchange foreign investors implemented increase in capital increase in domestic Indonesia INVESTMENT GDP Korea liberalization LONG TERM CAPITAL macroeconomic Malaysia Mexico monetary policy negative shock nominal exchange rate non-tradable open market operations OVERALL CAPITAL ACCOUNT PAYMENTS SELECTED DATA Payments Statistics percentage points Philippines portfolio investment PRIVATE CONSUMPTION real appreciation REAL EFFECTIVE EXCH real exchange rate reduce reforms RESERVE MONEY reserve requirement RESERVES NET CHNG result SHORT TERM CAPITAL side effects Sources IMF sterilized intervention tariff Thailand trade volatile World Bank YES YES YES