This paper discusses the changing pattern of capital flows to developing countries. The analysis is heavily colored by recent events. It concentrates on the principal facts, developments, and policies that characterize the current episode of capital inflows to Asia and Latin America.

This paper discusses the economic performance of Latin America in the last decade, paying special attention to growth and the financial sector. In particular, it shows that external factors, such as like U. S. interest rates and the business cycle, play a key role in capital inflows, investment,...

At the time of writing there were widespread concerns about the health of the U. S. economy. There is conclusive evidence that the pace of growth has slowed, which has prompted the Federal Reserve to cut interest rates on two occasions (a total of 100 basis points thus far). As usual, when faced...

Many emerging market countries have suffered financial crises. One view blames soft pegs for these crises. Adherents of this view suggest that countries move to corner solutions—hard pegs or floating exchange rates. We analyze the behavior of exchange rates, reserves, and interest rates to...

In recent years, many countries have suffered severe financial crises, producing a staggering toll on their economies, particularly in emerging markets. One view blames fixed exchange rates-- soft pegs'--for these meltdowns. Adherents to that view advise countries to allow their currency to...

(Disponible en idioma inglés únicamente) En este trabajo se trata el patrón cambiante de los ingresos de capitales a los países en desarrollo. El análisis se ve considerablemente distorsionado por acontecimientos recientes. Se concentra en los hechos, desarrollos y políticas principales...

This paper discusses the economic performance of Latin America in the last decade, paying special attention to growth and the financial sector. In particular, it shows that external factors, such as like U. S. interest rates and the business cycle, play a key role in capital inflows, investment,...

At the time of writing there were widespread concerns about the health of the U. S. economy. There is conclusive evidence that the pace of growth has slowed, which has prompted the Federal Reserve to cut interest rates on two occasions (a total of 100 basis points thus far). As usual, when faced...

This paper discusses the changing pattern of capital flows to developing countries. The analysis is heavily colored by recent events. It concentrates on the principal facts, developments, and policies that characterize the current episode of capital inflows to Asia and Latin America.