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Publicado en: Libro

Capital Flows, Capital Controls and Currency Crises: Latin America in the 1990s

Felipe Larraín; Felipe Larraín (editor).

University of Michigan Press, 2000.

After a decade of financial isolation from world private capital markets following the debt crisis of the early 1980s, Latin America became an effective magnet for private capital in the first half of the 1990s. Then it suffered the Mexican crisis of 1995 and was hit by the Asian crisis in 1997-99, which produced a reversal of capital flows and currency crises in several countries. This volume analyzes the return of private capital to this region, examines the effects of the crises on capital flows, and studies the main policy options available to economic authorities under these diverse circumstances. Part 1 is dedicated to the study of capital account restrictions and the role of economic fundamentals. One chapter develops a theoretical model to determine whether a liberalization of capital outflows is an effective mechanism to offset inflows and thus alleviate the pressure on the exchange rate. Other chapters empirically analyze the effectiveness of capital controls in Chile and the determinance of inflows to the country. Also offered is a study of the role of economic fundamentals in the determination of capital inflows to developing countries. Part 2 contains country studies for Argentina, Brazil, Colombia, Chile, and Mexico. Written by national economists of each country who have lived through the inflow and outflow episodes and have carried out their own research on the subject, these studies provide the inside story for each country. They analyze the timing, size, and composition of capital inflows and outflows, the factors that have stimulated them, their impact on the domestic economies, the ways in which local economic authorities have reacted to them, and the effectiveness of policies in changing the size and/or composition of capital inflows. This volume will be of interest to scholars and students investigating capital flows, policymakers, and Latin American specialist.


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