Valuation Effects on the Business Cycle in Emerging Markets
Liliana Castilleja-Vargas
Broschiertes Buch

Valuation Effects on the Business Cycle in Emerging Markets

Net Capital Flows and Real Exchange Rate Depreciation Effects on Growth and Capital Accumulation

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In the aftermath of the recent financial crises in emerging markets, contrary to the conventional literature and the experience of advanced countries, real depreciation proved to have adverse effects on growth and investment. A growing literature analysing the nature of these events has focused on the role of balance sheet effects to explain the contractionary impact of depreciation in economies with liquidity constraints. This book, therefore, examines empirically the relationships between net capital flows, real exchange rates, economic growth and capital accumulation in a panel of 20 emergi...