Appendix II Statistical Tables

Robert Kahn, Adam Bennett, María Carkovic S., and Susan Schadler
Published Date:
September 1993
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Table A1.Capital Accounts Flows1(In millions of dollars, excluding official transfers unless otherwise indicated)
t – 1tt + 1t + 2t + 3t + 4Episode


(In percent)
Chile (1990)(1989)(1990)(1991)(1992)
Capital account1,1992,9601,1043,082100
Direct investment and debt conversion1,5831,015453604–75
Debt conversion and extraordinary amortization–1,558–428–22119
Public sector–909–198–1971
Private sector–649–230–348
Financial capital flows1,2472,4773912,29240
Public sector30615–684304–36
Medium- and long-term74141261031
Short term232–126–710201–38
Private sector8362,2106752,20573
Medium-and long-term5671,37957752222
Change in commercial credit105252400–2173
Public sector91162–4142–3
Private sector1490441–2596
Colombia (1991)(1990(1991)(1992)
Capital account15–2565451004
Direct investment48443374211
Public sector, net–183–330–851–44
Medium-and long-term–123–332–652–40
Nonbank private sector, net–540–7891,450–23
Medium-and long-term–176–1021530
Financial private sector, net–826430–79669
Memorandum items
Capital flows recorded in the current account51,00060086
Open market and exchange certificate sales7122,3912,823
Egypt (1991/92)6(1990/91)(1991/92)
Capital account3983,3361007
Medium-and long-term, net–79134524
Suppliers’ and buyers’ credit425435
Memorandum item Workers’ remittances3,7555,46737
Mexico (1989)(1988)(1989)(1990)(1991)(1992)
Capital account–2,9274,88011,01320,83724,723100
Direct investment1,7272,6482,5494,7626,01312
Public sector, net1,299581–447288–257–7
Medium-and long-term1,6241,2876,9851,425–5,326–3
Commercial banks–1,484–2541,908–1,906–1,1756
Spain (1987)(1986)(1987)(1988)(1989)(1990)(1991)
Capital account–2,69310,8739,24514,64714,53330,322100
Direct investment2,9843,7965,7896,95510,8397,05821
Public sector, medium-and long-term, net–2,097212–1,1222,3353,20814,39032
Private sector, net–1,8007,4893,3534,4114976,71534
Medium- and long-term–2,4135,4934,8227,2024,70310,49348
Portfolio investment1,2193,5801,7406,0684,0974,16215
Commercial credit–3,6321,9133,0821,1346066,33134
Other capital354–1,284–2,328–1,918–4,265–5,033–16
Banking sector, medium-and long-term, net–1,780–6241,225946–112,15914
Thailand (1988)(1987)(1988)(1989)(1990)(1991)(1992)
Capital account9523,0946,7239,33811,7907,693100
Direct investment2278751,4081,5491,2191,53015
Public sector, net164–89–312–1,2431,016115–5
Medium-and long-term168–285–228–1,328568260–7
Private sector, net5612,3085,6279,0329,5556,04889
Medium-and long-term2356553,0703,2212,8581,89533
Portfolio investment5275871,7271,1663504806
Commercial credit–292681,3432,0552,5081,41526
Commercial credit–2305476733,2744,3402,18536
Other capital31442467911,201200–3187
Source: IMF staff reports and estimates.
Table A2.Structural Reforms Implemented in the Three Years Before and the First Year of Capital Inflow Episodes
Country (first year of inflows)Tax System and Public ExpendituresPublic EnterprisesFinancial and Monetary SectorsTradeExchange System and Capital AccountOther
Chile (1990)Tax reform, 1990. Reduced tax credits for investment in export projects.Privatization, 1987–90. Continuation of extensive privatization program, including telephone companies, electrical power plants, the national airline, and steel and chemical plants.Financial market reform, 1987–90. Continuation of program including wide-ranging bank supervision reform and measures to encourage growth of private pension funds.Parallel market legalized, 1990.
Colombia (1991)Public sector employment reduction, 1991. By 20,000 through voluntary separation scheme and privatization of port and railway services.New financial system law, 1990. Reduced specialization of financial institutions; relaxed barriers to entry into financial industry; allowed full foreign ownership of financial institutions; improved banking supervision.Trade reform, first phase, 1990–91. Replaced quantitative restrictions with tariffs. Share of freely imported goods rose from 39 percent of total tariff positions in 1989 to 97 percent by the end of 1990. Average effective tariff protection reduced from 75 percent in 1989 to 59 percent in 1990.Foreign exchange market changes, 1991. Interbank foreign exchange market allowed by transferring foreign direct transactions with the private sector from Banco de la República to commercial banks and other financial intermediaries. Surrender requirements on services lifted.
Acceleration of second phase of trade reform, 1991. Reduced level and dispersion of tariffs. Originally scheduled for 1992–95. Average effective tariff protection reduced from 59 percent in 1990 to 25 percent ni 1991. Advanced import deposit (85 percent of value of import license) abolished.New foreign investment code, 1991. Equalization of tax treatment Limitations on profit remittances abolished in October 1991.
Egypt (1991)General sales tax, 1991. Introduced.Public sector company reform, 1991. Reorganization to subject companies to commercial criteria.Interest rate liberalization, 1991. Banks’ lending and deposit rates freed. Weekly Treasury bill auctions started.Export restrictions reduced, 1991. Products subject to export bans reduced from 20 to 4. Products subject to quotas reduced from 17 to 4 Elimination of prior export approvals for all categories but cotton.Exchange market unification, 1991. Three exchange rates unified and rate depreciated. Licensed nonbank dealers permitted to enter market Supporting steps: limitation of exchange guarantees, abolition of import accounts, limits on spread in the exchange market and the requirement to open letters of credit for imports.Price reform, 1988. Wheat and cotton procurement prices raised by one third, Retail prices of consumer goods raised. Several previously regulated food items moved to private distribution. User prices of petroleum products and electricity raised 30 Percent.
Recapitalization of public sector banks, 1991.
Regulations, 1991. Strengthened standards for loan classification and provisioning in accordance with Basle guidelines; strengthened compliance with reserve requirements and lending limits to single borrower; placed limits on banks’ open foreign exchange positions.Import bans reduced 1991. Production coverage of import bans reduced from 37 percent in March 1990 to 23 percent in June 1991.Gradual ogriculture decontrol 1988–90s. Liberalization of most industrial product prices, 1990.
Investment decontrol, 1991. Simplified registration and recording procedures.
Price reform, 1992. Prices of products with high trade protection freed. Fuel and petroleum prices raised to 67 percent of world equivalent.
Mexico (1989)Tax reform, 1987, 1989. Major reform in 1987 widened tax base, reduced marginal rates, simplified and strengthened tax administration. Reforms deepened in 1989. Dividend deduction replaced by a tax on corporate dividends at the source. Corporate tax rate reduced from 39.2 percent to 37 percent, number of personal tax brackets reduced from 12 to 6, and marginal tax rates reduced.Privatization, 1988. Reduced number of entities owned by the public sector from 500 to 350 through liquidation, sale and merger, including divestiture of two airlines, truck, steel, and copper companies.Financial liberalization, 1988–89. Allowed creation of a broad range of new financial instruments and liberalized financial markets, allowing banks to determine freely the term structure of interest rates on deposits and loans.Continued trade program started in 1985. Maximum tariff gradually reduced from 100 percent in 1985 to 20 percent in 1987; dispersion of tariffs reduced. Average tariff rate fell from 26 percent in 1985 to 10 percent in 1989.Foreign investment, 1989. Revision of investment code aimed at removing major impediments to foreign investment. Foreign investors allowed to own up to 100 percent of firms in certain industries subject to certain conditions, Partial opening of stock market to foreign investment.
Spain (1987)Pension system reform, 1985. Increased the number of years of contribution required to qualify for a pension from 10 to 15 and raised the share of the income on which contributions are paid. Pensions made dependent on the average wages earned over the last eight years of work instead of the previous two years.Law of reconversion and reindustrialization, 1984. In firms affected, principally shipbuilding, steel, and textiles, reduced employment by 26 percent during 1984–86. Enterprises’ balance sheets improved through subsidies, transfers, and various loan guarantee schemes.Financial sector deregulation, 1987. Liberalization of interest rates on demand deposits and savings deposits of less than six months. Substantial reductions in banks’ mandatory investment coefficients.Import liberalization in the context of EC membership, 1986–87. Most nontariff trade barriers between Spain and the EC eliminated upon accession. Tariffs on industrial imports from EC countries reduced by 22 percent in 1987.Liberalization of direct investment, 1985. Liberal procedures governing investment in small enterprises extended to all foreign direct investments, regardless of size of enterprise or extent of foreign participation.National Energy 1984. Domestic energy prices raised to reduce the gap with European averages, Price increases complemented with adoption of conservation measures.
Introduction of VAT, 1986. Elimination of export subsidies through tax rebates that previously offset the effect of turn- over and other indirect taxes.Privatization, 1985–87. Key enterprises in industrial and services sectors sold, including SEAT, Spain’s largest auto manufacturer. Minority holdings in several state-owned companies sold through the stock exchange including the oil concern REPSOL, SA.Accesion to the EC in 1986. Beginning of captical account liberalization. Spanish investments abroad, including in real estate, liberalized in 1987.Labor market reform 1984–85. Legal measures to foster greater labor market flexibility, including fixed term contracts and part-time employment, granting of incentives to reduce firms’ labor costs, reduction in the retirement age at full pension, and relaxation of rules governing layoffs.
Thailand (1988)Investment incentives, 1985. Increased tax incentives for investment projects in industrial estates or investment promotion zones.Improved incentives for direct foreign investment, 1986. The Board of Investment (BOI) streamlined procedures for foreign investors, reduced capital requirements, and lowered the minimum export requirement to 50 percent of production for the first two years of a venture’s operations.Liberalization of the Alien Business Law, 1986. Visa procedures for expatriates employed in Thailand eased.
Financial sector restructuring, 1986–87. Bank of Thailand supported ailing financial institutions through soft loans, credit lines, and equity participation. Guidelines to strengthen the institutions’ balance sheets and reorganize their management issued.
Table A3.Estimation Results for the Offset Coefficient Approach1

Independent Variables
Estimation periodChile: 1980 Q3 to 1991 Q4Colombia: 1976 Q3 to 1991 Q4Egypt: 1976 Q3 to 1991 Q4Mexico: 1978 Q3 to 1991 Q4Spain: 1976 Q3 to 1991 Q4Thailand: 1977 Q3 to 1991 Q4
Table A4.Long-Run Relationships with the Domestic Interest Rate1
ifπIn mIn yR2DWDF [x]
Chile2.360.190.73– [0]
Mexico0.710.070.19– [1]
Spain0.30–0.010.01–7.310. [4]
Thailand0.730.020.06– [0]
Estimation periodChile: 1980 Q2 to 1991 Q4Mexico: 1976 Q1 to 1991 Q4Spain: 1976 Q2 to 1991 Q4Thailand: 1977 Q2 to 1991 Q4
Table A5.Interest Rates: Dynamic Estimation1
1.Chilei =1.8 ∆π0.6 0 ECM–1R2: 0.89LM(4):0.44
2.Mexicoi =0.35 ∆i–1+1.04 ∆if+0.89 ∆π0.39 ∆π–10.48 ECM–1R2: 0.78LM(4):1.91
3.Spaini =0.30 ∆π–1+69.8 ∆ln y0.50 ECM–1R2: 0.49LM(4):2.91
4.Thailandi =0.19 ∆i–1+0.55 ∆if0.29 ECM–1R2: 0.40LM(4):0.81

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    Calvo, Guillermo, LeonardoLeiderman, and CarmenReinhart, Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors,Staff Papers,International Monetary Fund, Vol. 40 (March1993), pp. 10351.

    Calvo, Guillermo, LeonardoLeiderman, and CarmenReinhart, The Capital Inflows Problem: Concepts and Issues,” IMF Paper on Policy Analysis and Assessment, PPAA 93/10 (Washington: International Monetary Fund, July1993).

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The discussion in this section examines effects in a small open economy with a fixed exchange rate; changes in the exchange rate, however, are considered as a policy response to inflows.

Named after Nigel Lawson’s position during the large capital inflows to the United Kingdom in 1987-88. For a discussion of this issue, see Cordon (1991).

Often there is a desire to distinguish between “temporary” and “permanent” inflows and to liken permanent inflows to the Dutch disease. These terms are unhelpful for two reasons. First, most surges in inflows are stock adjustments in the desired share of international portfolios held domestically—an adjustment that may occur over a protracted period but does not produce a permanent capital inflow. Second, even when increases in inflows are protracted, their direct effect is not comparable with the Dutch disease, which occurs as a result of an increase in permanent income (or wealth) from higher export receipts.

In an empirical investigation of ten Latin American countries, Calvo, Leiderman, and Reinhart (1992) conclude that about half of the inflows to those countries were caused by external factors. However, Ghosh and Ostry (1993) present evidence that capital flows to developing countries generally are driven by economic fundamentals.

Mexico achieved a sizable improvement in its operational balance, although this reflected a reduction in real interest payments that exceeded a deterioration in the primary balance.

The exceptions were Chile and Spain, where banking supervision and regulations had been strengthened in the aftermath of previous bank crises.

See Ostry (1991) for an analysis of the effects of trade liberalization on the current account.

In Mexico, real interest rates prior to the inflow episode were affected by financial turmoil stemming from extremely high inflation.

Rodriguez (1993) presents a simple framework in which the effects of inflows caused by excess money demand are distinguished from those of inflows reflecting an increase in money supply.

Because a large portion of the inflow to Egypt and Colombia was recorded through the current account, a current account offset cannot be calculated. Staff estimates of the “capital” inflow through the current account suggest, however, that the offset was low or negative.

See Lipschitz and McDonald (1991) for a discussion of the interpretation of different measures of real exchange rates.

This concern is discussed in Obstfeld (1982).

The existence of such bias was tested by employing two-stage least squares and conducting a test devised by Hausman (1978).

Data sources and transformations are presented in Box 5.

In modeling forward-looking expectations, the expectation was assumed to be equal to the actual outturn less some random forecasting error, and the two-stage approach recommended by Wickens (1982) was followed.

Including the actual value effectively measures the expectation with error and introduces the potential for simultaneous equation bias. Incorporating it with the foreign rate of interest (which can be measured accurately) would depress the estimated coefficient on the combined variable. Experimentation with this latter approach confirmed this unsatisfactory effect and was therefore dropped.

This biases the results to the extent that short-run changes in expected exchange rate movements are correlated with the other explanatory variables. Since it is not clear whether this correlation would be positive or negative it is not possible to indicate whether or in what direction the other coefficients are biased.

These results may reflect the fact that, for most of the countries, except perhaps Thailand, the exchange rate was periodically allowed to adjust—effectively translating changes in net domestic assets into changes in exchange rates rather than in net foreign assets. The existence of this effect over the relevant sample periods may have depressed the estimated offset coefficients below their true value for a fixed exchange rate regime.

A variant of this approach was first proposed in Edwards and Khan (1985).

The expectational variables again presented problems in estimation. In the long run, expectations, however formed, will tend to be close to the outturn. The superconsistency of ordinary least squares in estimating long-run relationships means that expectational errors, as well as endogeneity, can be overlooked when including actual changes in prices and exchange rates in the equation. Problems recur when moving to embellish these long-run relationships with short-run dynamics.

The absence of suitable market-determined interest rate data for the period considered required the exclusion of Colombia and Egypt. All the 21 time series employed are acceptable as 1(1), except 3, which are 1(0) with strong persistence.

The critical value for these samples is 3.17 for the Dicky-Fuller (0) test at the 5 percent level of significance and 3.37 for the augmented Dicky-Fuller (4) test. When there is more than one variable in the vector, these critical values rise (Engle and Yoo (1987)), reaching 4.15 for five variables. Since only two or three variables are typically significant in each vector, the appropriate critical value lies between 3.17 and 4.15.

Recent Occasional Papers of the International Monetary Fund

108. Recent Experiences with Surges in Capital Inflows, by Susan Schadler, Maria Carkovic, Adam Bennett, and Robert Kahn. 1993.

107. China at the Threshold of a Market Economy, by Michael W. Bell, Hoe Ee Khor, and Kalpana Kochhar with Jun Ma, Simon N’guiamba, and Rajiv Lall. 1993.

106. Economic Adjustment in Low-Income Countries: Experience Under the Enhanced Structural Adjustment Facility, by Susan Schadler, Franek Rozwadowski, Siddharth Tiwari, and David O. Robinson. 1993.

105. The Structure and Operation of the World Gold Market, by Gary O’Callaghan. 1993.

104. Price Liberalization in Russia: Behavior of Prices, Household Incomes, and Consumption During the First Year, by Vincent Koen and Steven Phillips. 1993.

103. Liberalization of the Capital Account: Experiences and Issues, by Donald J. Mathieson and Liliana Rojas-Suárez. 1993.

102. Financial Sector Reforms and Exchange Arrangements in Eastern Europe. Part I: Financial Markets and Intermediation, by Guillermo A. Calvo and Manmohan S. Kumar. Part II: Exchange Arrangements of Previously Centrally Planned Economies, by Eduardo Borensztein and Paul R. Masson. 1993.

101. Spain: Converging with the European Community, by Michel Galy, Gonzalo Pastor, and Thierry Pujol. 1993.

100. The Gambia: Economic Adjustment in a Small Open Economy, by Michael T. Hadjimichael, Thomas Rumbaugh, and Eric Verreydt. 1992.

99. Mexico: The Strategy to Achieve Sustained Economic Growth, edited by Claudio Loser and Eliot Kalter. 1992.

98. Albania: From Isolation Toward Reform, by Mario I. Blejer, Mauro Mecagni, Ratna Sahay, Richard Hides, Barry Johnston, Piroska Nagy, and Roy Pepper. 1992.

97. Rules and Discretion in International Economic Policy, by Manuel Guitián. 1992.

96. Policy Issues in the Evolving International Monetary System, by Morris Goldstein, Peter Isard, Paul R. Masson, and Mark P. Taylor. 1992.

95. The Fiscal Dimensions of Adjustment in Low-Income Countries, by Karim Nashashibi, Sanjeev Gupta, Claire Liuksila, Henri Lorie, and Walter Mahler. 1992.

94. Tax Harmonization in the European Community: Policy Issues and Analysis, edited by George Kopits. 1992.

93. Regional Trade Arrangements, by Augusto de la Torre and Margaret R. Kelly. 1992.

92. Stabilization and Structural Reform in the Czech and Slovak Federal Republic: First Stage, by Bijan B. Aghevli, Eduardo Borensztein, and Tessa van der Willigen. 1992.

91. Economic Policies for a New South Africa, edited by Desmond Lachman and Kenneth Bercuson with a staff team comprising Daudi Ballali, Robert Corker, Charalambos Christofides, and James Wein. 1992.

90. The Internationalization of Currencies: An Appraisal of the Japanese Yen, by George S. Tavlas and Yuzuru Ozeki. 1992.

89. The Romanian Economic Reform Program, by Dimitri G. Demekas and Mohsin S. Khan. 1991.

88. Value-Added Tax: Administrative and Policy Issues, edited by Alan A. Tait. 1991.

87. Financial Assistance from Arab Countries and Arab Regional Institutions, by Pierre van den Boogaerde. 1991.

86. Ghana: Adjustment and Growth, 1983–91, by Ishan Kapur, Michael T. Hadjimichael, Paul Hilbers, Jerald Schiff, and Philippe Szymczak. 1991.

85. Thailand: Adjusting to Success—Current Policy Issues, by David Robinson, Yangho Byeon, and Ranjit Teja with Wanda Tseng. 1991.

84. Financial Liberalization, Money Demand, and Monetary Policy in Asian Countries, by Wanda Tseng and Robert Corker. 1991.

83. Economic Reform in Hungary Since 1968, by Anthony R. Boote and Janos Somogyi. 1991.

82. Characteristics of a Successful Exchange Rate System, by Jacob A. Frenkel, Morris Goldstein, and Paul R. Masson. 1991.

81. Currency Convertibility and the Transformation of Centrally Planned Economies, by Joshua E. Greene and Peter Isard. 1991.

80. Domestic Public Debt of Externally Indebted Countries, by Pablo E. Guidotti and Manmohan S. Kumar. 1991.

79. The Mongolian People’s Republic: Toward a Market Economy, by Elizabeth Milne, John Leimone, Franek Rozwadowski, and Padej Sukachevin. 1991.

78. Exchange Rate Policy in Developing Countries: Some Analytical Issues, by Bijan B. Aghevli, Mohsin S. Khan, and Peter J. Montiel. 1991.

77. Determinants and Systemic Consequences of International Capital Flows, by Morris Goldstein, Donald J. Mathieson, David Folkerts-Landau, Timothy Lane, J. Saul Lizondo, and Liliana Rojas-Suarez. 1991.

76. China: Economic Reform and Macroeconomic Management, by Mario Blejer, David Burton, Steven Dunaway, and Gyorgy Szapary. 1991.

75. German Unification: Economic Issues, edited by Leslie Lipschitz and Donogh McDonald. 1990.

74. The Impact of the European Community’s Internal Market on the EFTA, by Richard K. Abrams, Peter K. Cornelius, Per L. Hedfors, and Gunnar Tersman. 1990.

73. The European Monetary System: Developments and Perspectives, by Horst Ungerer, Jouko J. Hauvonen, Augusto Lopez-Claros, and Thomas Mayer. 1990.

72. The Czech and Slovak Federal Republic: An Economy in Transition, by Jim Prust and an IMF Staff Team. 1990.

71. MULTIMOD Mark II: A Revised and Extended Model, by Paul Masson, Steven Symansky, and Guy Meredith. 1990.

70. The Conduct of Monetary Policy in the Major Industrial Countries: Instruments and Operating Procedures, by Dallas S. Batten, Michael P. Blackwell, In-Su Kim, Simon E. Nocera, and Yuzuru Ozeki. 1990.

69. International Comparisons of Government Expenditure Revisited: The Developing Countries, 1975–86, by Peter S. Heller and Jack Diamond. 1990.

68. Debt Reduction and Economic Activity, by Michael P. Dooley, David Folkerts-Landau, Richard D. Haas, Steven A. Symansky, and Ralph W. Tryon. 1990.

67. The Role of National Saving in the World Economy: Recent Trends and Prospects, by Bijan B. Aghevli, James M. Boughton, Peter J. Montiel, Delano Villanueva, and Geoffrey Woglom. 1990.

66. The European Monetary System in the Context of the Integration of European Financial Markets, by David Folkerts-Landau and Donald J. Mathieson. 1989.

65. Managing Financial Risks in Indebted Developing Countries, by Donald J. Mathieson, David Folkerts-Landau, Timothy Lane, and Iqbal Zaidi. 1989.

64. The Federal Republic of Germany: Adjustment in a Surplus Country, by Leslie Lipschitz, Jeroen Kremers, Thomas Mayer, and Donogh McDonald. 1989.

63. Issues and Developments in International Trade Policy, by Margaret Kelly, Naheed Kirmani, Miranda Xafa, Clemens Boonekamp, and Peter Winglee. 1988.

62. The Common Agricultural Policy of the European Community: Principles and Consequences, by Julius Rosenblatt, Thomas Mayer, Kasper Bartholdy, Dimitrios Demekas, Sanjeev Gupta, and Leslie Lipschitz. 1988.

Note: For information on the title and availability of Occasional Papers not listed, please consult the IMF Publications Catalog or contact IMF Publication Services.

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