Since 1989, private capital flows to a select group of developing countries have increased sharply, but developments in 1994 have caused concern about the sustainability of those flows. Several highly indebted developing countries that are implementing reform are concerned that a generalized...

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

Following the 1997–98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, superficially consistent with the bipolar view of exchange rate regimes and the “hollow middle” hypothesis. But some observers have claimed that, despite the...

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