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, Colombia and Mexico -- and three East Asian countries--Korea, Malaysia and Thailand. It identifies a number of potential … forward a notion of current account sustainability and compares the experience of three Latin American countries -- Chile …
Persistent link: https://www.econbiz.de/10013230779
which these three goals are compatible. The analysis indicates that Argentina, Brazil and Mexico are now all capable of …
Persistent link: https://www.econbiz.de/10013243643
This paper puts forward a notion of current account sustainability that explicitly takes into account willingness to pay and willingness to lend in addition to intertemporal solvency. It argues that this notion of sustainability provides a better framework for understanding the variety of...
Persistent link: https://www.econbiz.de/10013311874
This paper compares U.S.-owned affiliates with other firms in developing countries with respect to the shifts in sales from home to export markets in response to the debt crisis of the early 1980s. The U.S. affiliates in heavily indebted countries increased their exports and the share of their...
Persistent link: https://www.econbiz.de/10013125855
Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its...
Persistent link: https://www.econbiz.de/10012758028
Why should multilateral lending exist in a world where private capital markets are well developed and governments have their own bilateral aid programs? If lending by the World Bank, IMF, and regional development banks has an independent rationale, it must rest on advantages generated by the...
Persistent link: https://www.econbiz.de/10012763737
We survey several mechanisms that explain the composition of international capital flows: foreign direct investment, foreign portfolio investment and debt flows (bank loans and bonds). We focus on information frictions such as adverse selection and moral hazard, and exposure to liquidity shocks,...
Persistent link: https://www.econbiz.de/10013136735
Crony capitalism and self-fulfilling expectations by international creditors are often suggested as two rival explanations for currency crisis. This paper examines a possible linkage between the two that has not been explored much in the literature: corruption may affect a country's composition...
Persistent link: https://www.econbiz.de/10013321581
We document the recent phenomenon of quot;uphillquot; flows of capital from nonindustrial to industrial countries and analyze whether this pattern of capital flows has hurt growth in nonindustrial economies that export capital. Surprisingly, we find that there is a positive correlation between...
Persistent link: https://www.econbiz.de/10012759675
This paper provides an explanation of the simultaneous occurrence of large accumulation of external debt, private capital outflow and relatively low domestic capital formation in developing countries. We consider a general equilibrium model in which two types of government with conflicting...
Persistent link: https://www.econbiz.de/10012763021