Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors

作者: Guillermo A. Calvo , Leonardo Leiderman , Carmen M. Reinhart

DOI: 10.2307/3867379

关键词: RecessionCapital (economics)Balance of paymentsExternal sectorExchange rateCapital outflowCapital marketInterest rateInternational economicsEconomics

摘要: The characteristics of recent capital inflows into Latin America are discussed. It is argued that these partly explained by conditions outside the region, like recession in United States and lower international interest rates. importance external factors suggests a reversal those may lead to future outflow, increasing macroeconomic vulnerability American economies. Policy options, it argued, limited.

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