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Managing Capital Inflows in the 1990s and the “Encaje”

In: Economic Reforms in Chile

Author

Listed:
  • Ricardo Ffrench-Davis

Abstract

In the nineties, private capital inflows returned to Latin America (see Calvo et al., 1993; Ffrench-Davis and Griffith-Jones, 1995). Undoubtedly, the resumption of capital flows, which had been interrupted in the eighties with dramatic recessive effects on economic activity, had positive short-run effects. In fact, it implied relaxing the shortage of foreign currency (binding external constraint, BEC) under which most countries had operated during the debt crisis. However, both the large magnitude of the new capital inflows and their composition (prone to volatility) caused a growing macroeconomic disequilibria in the recipient countries.

Suggested Citation

  • Ricardo Ffrench-Davis, 2010. "Managing Capital Inflows in the 1990s and the “Encaje”," Palgrave Macmillan Books, in: Economic Reforms in Chile, edition 0, chapter 0, pages 209-235, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28965-9_8
    DOI: 10.1057/9780230289659_8
    as

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