Capital flows to Latin America: first quarter 2004

Vista sencilla de ítem
cepal.bibLevelDocumento Completo
cepal.callNumberLC/WAS/L.70
cepal.docTypeDocumentos de proyectos e investigación
cepal.idSade19796
cepal.physicalDescriptiongráficos, tablas
cepal.regionalOfficeWashington
cepal.topicEngGENDER STATISTICS
cepal.topicEngGENDER
cepal.topicSpaESTADÍSTICAS DE GÉNERO
cepal.topicSpaGÉNERO
cepal.workareaEngSTATISTICS
cepal.workareaEngGENDER AFFAIRS
cepal.workareaSpaESTADÍSTICAS
cepal.workareaSpaASUNTOS DE GÉNERO
dc.contributor.entityNU. CEPAL. Oficina de Washington
dc.coverage.spatialEngLATIN AMERICA
dc.coverage.spatialSpaAMERICA LATINA
dc.date.accessioned2014-01-02T23:41:51Z
dc.date.available2014-01-02T23:41:51Z
dc.date.issued2004-08
dc.descriptionIncludes bibliography
dc.description.abstractIn the first quarter of 2004, bond flows remained strong as issuers rushed to take advantage of low borrowing costs. Emerging market issuance stood at US$24.4 billion, a 15% increase from the US$20.7 billion issued in the first quarter of 2003 and the highest quarterly supply in the last three years. Almost half of this years expected sovereign issuance materialized in the first three months. By region, Latin America had the most issuance this quarter with US$11.6 billion (47.3% of all emerging market debt issuance). However, in the near future, a tightening of liquidity by major industrialized countries is looming. Thus, the acceleration of net capital flows to emerging markets is beginning to slow as the prospect of higher short-term interest rates has made investors more cautious and triggered deleveraging across a wide range of markets. A rising of interest rates, especially as those foreshadowed by the United States, will negatively affect capital flows to emerging markets, particularly if they are enacted sooner and less gradually than anticipated. In order to counteract the latter scenario, emerging markets will have to rely on strengthening fiscal and monetary policies. The quality of policies in emerging markets, generally speaking, has improved in recent years to include flexible exchange rates (except in Venezuela and Ecuador), budget surpluses (the highest in Argentina, Brazil, and Venezuela), large international reserve buffers, and greater policy response. Yet, policy slippage remains an element of uncertainty. The momentum to implement further needed measures could be challenged, especially if the acceleration in growth currently forecast by the government and others fails to materialize. This is a plausible scenario: less investment leads to less growth.
dc.formatTexto
dc.format.extent17 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/WAS/L.70
dc.identifier.urihttps://hdl.handle.net/11362/28830
dc.language.isoeng
dc.physicalDescription17 p. : gráfs., tabls.
dc.publisherECLAC
dc.publisher.placeWashington, D.C.
dc.rights.coarDisponible
dc.subject.unbisEngBONDS
dc.subject.unbisEngCAPITAL MOVEMENTS
dc.subject.unbisEngDEBT MANAGEMENT
dc.subject.unbisEngMONETARY SYSTEMS
dc.subject.unbisEngFINANCIAL RESOURCES
dc.subject.unbisSpaBONOS
dc.subject.unbisSpaGESTION DE LA DEUDA
dc.subject.unbisSpaMOVIMIENTOS DE CAPITAL
dc.subject.unbisSpaSISTEMAS MONETARIOS
dc.subject.unbisSpaRECURSOS FINANCIEROS
dc.titleCapital flows to Latin America: first quarter 2004
dc.type.coarlibro
dspace.entity.typePublication
Descargar
Bloque original
Mostrando 1 - 1 de 1
Miniatura
Nombre:
LCwasL70_en.pdf
Tamaño:
721.13 KB
Formato:
Adobe Portable Document Format
Descripción:
Document in English
Descargar
Colecciones
Oficina de la CEPAL en Washington (Estudios e Investigaciones)