Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/290072 
Year of Publication: 
2022
Series/Report no.: 
IDB Working Paper Series No. IDB-WP-1313
Publisher: 
Inter-American Development Bank (IDB), Washington, DC
Abstract: 
External capital accounts suffered during the COVID-19 crisis in Latin America and the Caribbean, but perhaps surprisingly the impacts were less severe than in previous crises. Gross capital inflows offset the outflows of residents, in sharp contrast to the global financial crisis of 2008/09 when residents' repatriation of capital countered withdrawals from non-residents. In general, the result was relatively stable net capital inflows and modest current account adjustments. Still, some countries that had seen inflows fall prior to the crisis, reflecting weaker fundamentals, suffered Sudden Stops in net capital flows. Given accommodating global monetary policy, sound fundamentals ensured access to liquid international capital markets, reducing the impacts of Sudden Stops during the pandemic.
Subjects: 
Sudden stops
Gross and net capital flows
External accounts
COVID19
Latin America and the Caribbean
JEL: 
F30
F32
F40
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper

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