Since 1989, there has been a sharp increase in private capital flows toward a select group of developing countries. Developments in 1994 have raised concerns about the sustainability of these flows and the underlying risks of a generalized reversal -simil

This paper studies the determinants of private capital flows to developing countries during the last two episodes of large inflows, the late 1970s-early 1980s and the 1990s. The paper also tests for contagion effects in capital flows among recipient countries, and tries to identify specific...

This paper investigates the Generalized Fisher's Hypothesis for the Stock Market in Chile during the 60's, 70's and 80's. We study Fama's proxy hypothesis and, contrary to what has been reported for other countries, we find no significant relationship bet

Following the 1997-98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, reinforcing the bipolar view of exchange rate regimes and the "hollow middle" hypothesis. But some academics have claimed that the crisis countries' policies have been...

This paper presents evidence on the relative importance of alternative contagion channels during the Thai, Russian, and Brazilian crises. Results show that when crises are measured by changes in sovereign bond spreads, financial competition seems to explain almost all contagion episodes....

The Mexican, Asian, and Russian crises of the mid- and late 1990s have renewed interest among policymakers in the determinants and effects of private capital inflows. This paper analyzes whether policies can affect the composition of capital inflows and whether different compositions aggravate...