Net Capital Flows, Macroeconomic Shocks and Reserve Assets. The Case of Argentina (1994-2013)

International reserves have been used as a source of protection against the vulnerability of the balance of payments, or alternatively, as an attempt to keep a competitive real exchange rate and to promote exports -- This paper explores the correlation between the net capital flows and reserves -- Similarly, the impact of some macroeconomic shocks on that variable is assessed -- Estimates are carried out through both, the VEC (Vector Error Correction) models and quarterly data of the Argentine economy for the period 1994-2013 -- Results show a negative correlation between international reserves and net capital flows (reserve accumulation through current account surpluses) -- At the same time, the expansionary fiscal policies and the continuing and widespread price increases would adversely affect the reserves

• Autores: Lanteri, Luis N.
• Fecha de publicación: 2014
• Institución: Universidad EAFIT
• Repositorio: Repositorio EAFIT
• Idioma: spa
• OAI Identifier: oai:repository.eafit.edu.co:10784/7811
• Acceso en línea: http://hdl.handle.net/10784/7811
• Palabra clave: C1; E6; F3; Flujo de capitales; Modelos de Vectores de Corrección del Error; CAMBIO EXTERIOR; BALANZA DE PAGOS; SISTEMA FINANCIERO; ANÁLISIS DE SERIES DE TIEMPO; Foreign exchange; Balance of payments; Financial system; Time-series analysis
• License: Acceso abierto