Long-Term Capital Reflow Under Macroeconomic Stabilization in Latin America:
This paper focuses on the scope for stabilizing Latin American economies to repatriate capital for the financing of long-term investments and economic recovery in the region. In particular, a simple two-period investment model is developed to show that a government seeking capital repatriation may b...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
1991
|
| Series: | OECD Development Centre Working Papers
no.38 |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | This paper focuses on the scope for stabilizing Latin American economies to repatriate capital for the financing of long-term investments and economic recovery in the region. In particular, a simple two-period investment model is developed to show that a government seeking capital repatriation may be tempted to introduce investment subsidies on such long-term capital inflows. Typically, however, such a government will be facing the following trade off: small investment subsidies may not be sufficient to attract large-scale repatriation, and high aggregate subsidies may trigger inflationary expectations. A decreasing subsidy scheme is shown to be optimal. Such a scheme has the following properties: it provides an incentive for investors to repatriate their capital early, and at the same time, it keeps government spending low enough not to jeopardize stabilization programmes. A decreasing subsidy scheme could account for the success that the Chilean debt-equity-swap programmes have ... |
| Physical Description: | 1 Online-Ressource (32 Seiten) 21 x 29.7cm. |
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| spelling | de Aghion, Béatriz Armendariz VerfasserIn aut Long-Term Capital Reflow Under Macroeconomic Stabilization in Latin America Béatriz Armendariz, de Aghion Paris OECD Publishing 1991 1 Online-Ressource (32 Seiten) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Development Centre Working Papers no.38 This paper focuses on the scope for stabilizing Latin American economies to repatriate capital for the financing of long-term investments and economic recovery in the region. In particular, a simple two-period investment model is developed to show that a government seeking capital repatriation may be tempted to introduce investment subsidies on such long-term capital inflows. Typically, however, such a government will be facing the following trade off: small investment subsidies may not be sufficient to attract large-scale repatriation, and high aggregate subsidies may trigger inflationary expectations. A decreasing subsidy scheme is shown to be optimal. Such a scheme has the following properties: it provides an incentive for investors to repatriate their capital early, and at the same time, it keeps government spending low enough not to jeopardize stabilization programmes. A decreasing subsidy scheme could account for the success that the Chilean debt-equity-swap programmes have ... Development |
| spellingShingle | de Aghion, Béatriz Armendariz Long-Term Capital Reflow Under Macroeconomic Stabilization in Latin America Development |
| title | Long-Term Capital Reflow Under Macroeconomic Stabilization in Latin America |
| title_auth | Long-Term Capital Reflow Under Macroeconomic Stabilization in Latin America |
| title_exact_search | Long-Term Capital Reflow Under Macroeconomic Stabilization in Latin America |
| title_full | Long-Term Capital Reflow Under Macroeconomic Stabilization in Latin America Béatriz Armendariz, de Aghion |
| title_fullStr | Long-Term Capital Reflow Under Macroeconomic Stabilization in Latin America Béatriz Armendariz, de Aghion |
| title_full_unstemmed | Long-Term Capital Reflow Under Macroeconomic Stabilization in Latin America Béatriz Armendariz, de Aghion |
| title_short | Long-Term Capital Reflow Under Macroeconomic Stabilization in Latin America |
| title_sort | long term capital reflow under macroeconomic stabilization in latin america |
| topic | Development |
| topic_facet | Development |
| work_keys_str_mv | AT deaghionbeatrizarmendariz longtermcapitalreflowundermacroeconomicstabilizationinlatinamerica |