The macroeconomics of capital flows to Latin America: experience and policy issues
Michael K. Gavin, Ricardo Hausmann, Leonardo Leiderman, Inter-American Development Bank. Office of the Chief Economist
Inter-American Development Bank, Office of the Chief Economist, 1995 - Capital movements - 22 pages
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account deficits adverse shock alternative exchange Argentina Argentine peso asset prices banking system Brazil budget capi capital account capital-account shocks central bank chart shows Chile and Colombia ciated commitment contingent rules countries create current account current-account deficits discussion economy effects equity prices exchange rate regimes exchange-rate appreciation exchange-rate regime experienced fiscal adjustment fiscal deficits fiscal policy fiscal response fixed ex fixed exchange rates flexible exchange rates flow of capital flows to Latin fluctuations in capital following chart growth highlights important increase inflation insulate international capital flows international financial markets international investors intervention Latin America macroeconomic magnitude Mexican devaluation Mexico nancial outflows percent of GDP policy issues policy problem policy regime policy response policymakers rate of capital real exchange rate reduction in capital region regulation of capital reserve accumulation risk savings and investment sectors sterilization substantial sudden ternational capital U.S. dollars Venezuela volatile capital flows world interest rates