Financial turmoil is becoming a fact of life in Latin America. The 1990s have been characterized by enormous volatility in the magnitude and cost of capital flows. The correlation of capital swings across disparate countries suggests that the quality of emerging market policies in addition to...

This paper documents large cross-country differences in the long run volatility of the real exchange rate. In particular, it shows that the real exchange rate of developing countries is approximately three times more volatile than the real exchange rate in industrial countries. The paper tests...

Pt. 1. The macroeconomics of capital flows to Latin America, experience and policy issues / Michael Gavin, Ricardo Hausmann, and Leonardo Leiderman. Commentary / Michael Bruno ... [et al.]. Conclusion to Part 1 / Jacob Frenkel -- Pt. 2. Achieving stability in Latin American financial markets in...