Nov 2000
Author(s): Fernández-Arias, Eduardo; Hausmann, Ricardo
This paper considers ongoing and proposed reforms of the international financial system in light of Latin America's recent experience. Most proposals are based on one of three diagnoses:…
Jul 2000
Author(s): Fernández-Arias, Eduardo; Hausmann, Ricardo
This paper provides an overview and assessment of reform initiatives, both those currently on the table and those that are not but should be. The intent is to clarify the logic behind these proposals…
Jul 2000
Author(s): Fernández-Arias, Eduardo; Hausmann, Ricardo
Recent financial crises and contagion call into question the wisdom of capital account liberalization. There is consensus that something is terribly wrong in the way international financial markets…
Mar 2000
Author(s): Fernández-Arias, Eduardo
This paper was prepared for the Seminar The New Wave of Capital Inflows: Sea Change or Tide? Annual Meetings of the Board of Governors, Inter-American Development Bank and Inter-American Investment…
Mar 2000
Author(s): Fernández-Arias, Eduardo; Hausmann, Ricardo
It has been common to attribute financial crises to short-term capital inflows, while foreign direct investment (FDI) is seen as a safer form of finance. The relationship between crises and the…
Mar 2000
Author(s): Hausmann, Ricardo; Fernández-Arias, Eduardo
This paper studies the proposition that capital inflows tend to take the form of FDI -i.e., the share of FDI in total liabilities tends to be higher- in countries that are safer, more promising and…