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 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....

This paper analyzed the behavior of domestic interest rates after opening the Capital Account in Chile. Contrary to what has been argued by others, the Uncovered Interest Rate Parity Condition seems to hold when we allow for the possibility of a change in

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

Despite reform efforts, the economic performance of Latin American countries during the 1990s was disappointing with the exception of Chile, which grew at almost 7% per year. This paper tries to explain this difference. Following recent literature that hi