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Determinants of Private Capital Flows in the 1970's and 1990's: Is there Evidence of Contagion?
Author:
Mr. Rodrigo O. Valdes
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Mr. Leonardo Hernández null

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Ms. Pamela Melado null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2001: Issue 064
Language:
English
Publication Date:
01 May 2001
DOI:
https://doi.org/10.5089/9781451848564.001
ISBN:
9781451848564
ISSN:
1018-5941
Pages:
26
Keywords:
WP; GDP growth; capital flow; debt crisis; debt flow; recipient country; contagion; capital flows; portfolio flow; Private capital flows; Capital inflows; Foreign direct investment; Exports; East Asia
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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 channels through which such effects can occur. It tests for neighborhood effects, trade-related effects, and for contagion based on the countries having similar macroeconomic indicators. The results show strong evidence for the first two effects during the 1990s, and indicate that the third effect varies depending on the type of capital flow.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund