Domestic currency appreciation and foreign capital inflows: What comes first? (Chile, 1977–1982)

Morandé, Felipe

doi:10.1016/0261-5606(88)90027-7

Cited by 17 publications

(13 citation statements)

References 9 publications

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“…3 Since it is also 3 The credit rating may also affect the exchange rate through its impact on capital flows. Illustrating this possibility, Morandé (1988) finds that capital inflows Granger-caused the real exchange rate in Chile during the period 1977-1982. Further, the credit rating may affect inflation through the exchange rate.…”

Section: A Potential Determinantsmentioning

confidence: 94%

BANK LENDING TO LDCs: LESSONS FROM THE 1970s

Antzoulatos

Seth

2003

International Economic Journal

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We use a recently-compiled database with monthly observations, to analyse the determinants of syndicated loans to Latin American (L.A.) and East Asian countries, for the period 1972-1982. Our results indicate that the loans were to a large extent supply-driven, and thus provide econometric evidence that “overlending” was a significant determinant of them along with economic fundamentals in the borrowing countries. They also suggest that E. Asia's recent currency and banking crises will not likely develop into another “debt crisis”, precipitated by a prolonged withdrawal of private capital from the region. [F34, G15, N25, N26]

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Section: A Potential Determinantsmentioning

confidence: 94%

BANK LENDING TO LDCs: LESSONS FROM THE 1970s

Antzoulatos

Seth

2003

International Economic Journal

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“…Importantly, the tendency towards real appreciation is attenuated if the recipient country has a highly developed financial sector. Morande (1988) tests whether real appreciation came before foreign capital inflows or vice versa in Chile. The analysis is based on small VAR models estimated on monthly data for the period 1977-1983.…”

Section: From Capital Flows To Competitivenessmentioning

confidence: 99%

“…There are empirical studies that find a link from competitiveness to the current account balance and numerous other studies establishing a link in the opposite direction. It is noticeable, however, that very few empirical studies include tests that allow for linkages in both directions -a notable exception is Morande (1988) -and this omission limits the policy conclusions of the studies.…”

Section: Direction Of Relationshipmentioning

confidence: 99%

Euro – How big a difference

Suni¹,

Vihriälä²

2014

Revue De l'OFCE

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“…It is noticeable, however, that very few empirical studies include tests that allow for causation in both directions, the main exception being Morande 1988, and this omission limits the policy conclusions that can be drawn from the studies. The overall conclusion is that it is not possible ex ante to ascertain the direction of causality; only empirical studies on a specific sample can provide such information.…”

Section: Direction Of Causalitymentioning

confidence: 99%

Section: From Capital Flows To Competitivenessmentioning

confidence: 99%