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Policynakers in Latin America are implementing reforms in the regions quest to realize continued improvement in economic performance and living standards.
Economic development --- Fiscal policy --- Prices --- Capital movements --- Financial risk management --- Risk management --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Latin America --- Economic conditions. --- Economic policy. --- E-books
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We study the dynamic response of gross capital flows in emerging market economies to different global financial shocks, using a panel vector-autoregressive (PVAR) setting. Our focus lies primarily on the potentially stabilizing role played by domestic investors in offsetting the response of foreign investors to global shocks. We find evidence of such role, but its existence and magnitude depend on the nature of the shock. Local investors play a meaningful stabilizing role in the face of global uncertainty shocks, as well as shocks to long-term U.S. interest rates. However, while in the former case, sizeable asset repatriation largely offsets the retrenchment of non-residents, in the latter case the extent of the offsetting is much more limited. Meanwhile, residents and non-resident behave alike in response to short-term U.S. interest rate shocks, pulling capital away from emerging markets, although magnitudes are not economically significant. The results shed light on the potential impact of the Fed’s QE tapering on emerging market economies.
Alien property --- Capital movements --- Financial crises --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International finance --- Assets, Foreign --- Foreign assets --- Foreign property --- Property, Alien --- Aliens --- International law --- Enemy property --- Banks and Banking --- Exports and Imports --- International Finance: General --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- International Financial Markets --- International Investment --- Long-term Capital Movements --- Interest Rates: Determination, Term Structure, and Effects --- International economics --- Finance --- Capital inflows --- Short term interest rates --- Long term interest rates --- External position --- Financial services --- Interest rates --- Investments, Foreign --- United States
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Over the past fifteen years countries in Latin America made tremendous progress in strengthening their economies and improving living standards. Although output fell temporarily during the global financial crisis, most economies staged a rapid recovery. However, economic activity across the region has been cooling off and the region is facing a more challenging period ahead. This book argues that Latin America can rise to the challenge, and policymakers in the region are already implementing reforms in education, energy, and other sectors. More is needed, and more is possible, in Latin America’s quest to continue to improve living standards.
Capital movements -- Latin America. --- Economic development -- Latin America. --- Financial risk management -- Latin America. --- Fiscal policy -- Latin America. --- Latin America -- Economic conditions. --- Latin America -- Economic policy. --- Prices -- Latin America. --- Economic development --- Fiscal policy --- Prices --- Capital movements --- Financial risk management --- Business & Economics --- Economic History --- Latin America --- Economic conditions. --- Economic policy. --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Risk management --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Production and Operations Management --- Finance: General --- Investments: Commodities --- Commodity Markets --- Fiscal Policy --- General Financial Markets: General (includes Measurement and Data) --- International Investment --- Long-term Capital Movements --- Debt --- Debt Management --- Sovereign Debt --- Finance --- International economics --- Investment & securities --- Public finance & taxation --- Public debt --- Fiscal stance --- Personal income --- National accounts --- Commodities --- Capital flows --- Balance of payments --- Income --- Debts, Public --- United States
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