A summary of the experiences of Chile and Colombia with unremunerated reserve requirements on capital flows during the 1990's

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cepal.bibLevelDocumento Completo
cepal.callNumberINT UN/FI 30(221/2009)
cepal.callNumberLC/L.3145-P
cepal.divisionEngFinancing for Development Division
cepal.divisionOldUnidad de Estudios del Desarrollo
cepal.divisionSpaDivisión de Financiamiento para el Desarrollo
cepal.docTypeSeries
cepal.idSade38265
cepal.jobNumberS0900783 E
cepal.physicalDescriptiongráficos, tablas
cepal.regionalOfficeSantiago
cepal.saleNumber09.II.G.118
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.workareaEngSTATISTICS
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaESTADÍSTICAS
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorTitelman Kardonsky, Daniel
dc.contributor.authorVera, Cecilia
dc.coverage.spatialEngCHILE
dc.coverage.spatialEngCOLOMBIA
dc.coverage.spatialSpaCHILE
dc.coverage.spatialSpaCOLOMBIA
dc.date.accessioned2014-01-02T15:43:50Z
dc.date.available2014-01-02T15:43:50Z
dc.date.issued2009-12
dc.descriptionIncluye Bibliografía
dc.description.abstractFinancial integration among countries entails a series of well-known benefits. On the one hand, net inflows of external savings can complement national savings within an economy and therefore raise productive investment and income. On the other hand, capital mobility provides opportunities for portfolio diversification and risk sharing between countries and this may enable investors-both firms and households of particular countries- to achieve higher risk-adjusted rates of return. This in turn could encourage increases in savings and investment and therefore deliver faster rates of growth (Eichengreen and Mussa, 1998). Despite these benefits however, there is also a growing consensus that the opening of the capital account has contributed to economic volatility, especially in emerging economies. Financial integration has frequently led these economies to "import" external financial instability, given the highly volatile nature international financial markets and the strong association between the cycles of capital flows and those of domestic economic activity (Ffrench-Davis, 2007). Hence, for developing countries, capital account volatility has become one of the major sources of real macroeconomic instability (Ocampo, 2008). In what refers to Latin America, private capital flows have indeed been a lasting source of economic instability due to their highly pro-cyclical nature (Figure 1). Moreover, according to Ffrench-Davis (2007) the transmission of financial volatility into the region has been a key factor behind its poor economic and social performance since the early 1990's.
dc.formatTexto
dc.format.extent41 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.isbn9789213233658
dc.identifier.unSymbolLC/L.3145-P
dc.identifier.urihttps://hdl.handle.net/11362/5200
dc.language.isoeng
dc.physicalDescription41 p. : gráfs., tabls.
dc.publisherECLAC
dc.publisher.placeSantiago
dc.relation.isPartOfSeriesSerie Financiamiento del Desarrollo
dc.relation.isPartOfSeriesNo221
dc.rights.coarDisponible
dc.subject.unbisEngCAPITAL
dc.subject.unbisEngCAPITAL MOVEMENTS
dc.subject.unbisEngFOREIGN EXCHANGE RATES
dc.subject.unbisEngMONETARY POLICY
dc.subject.unbisEngMONETARY SYSTEMS
dc.subject.unbisEngFINANCIAL RESOURCES
dc.subject.unbisSpaCAPITAL
dc.subject.unbisSpaMOVIMIENTOS DE CAPITAL
dc.subject.unbisSpaTIPOS DE CAMBIO
dc.subject.unbisSpaPOLITICA MONETARIA
dc.subject.unbisSpaSISTEMAS MONETARIOS
dc.subject.unbisSpaRECURSOS FINANCIEROS
dc.titleA summary of the experiences of Chile and Colombia with unremunerated reserve requirements on capital flows during the 1990's
dc.type.coarlibro
dspace.entity.typePublication
relation.isAuthorOfPublicationf5b207ee-2594-4b8d-9c43-9d8a97a48f77
relation.isAuthorOfPublicationeb076746-afd7-4b36-b8f2-cb4dc0b98865
relation.isAuthorOfPublication.latestForDiscoveryf5b207ee-2594-4b8d-9c43-9d8a97a48f77
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