Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/88047
Authors: 
Chong, Alberto
Izquierdo, Alejandro
Micco, Alejandro
Panizza, Ugo
Year of Publication: 
2003
Series/Report no.: 
Working Paper, Inter-American Development Bank, Research Department 482
Abstract: 
According to recent research, external factors and political governance considerations are key determinants of capital flows in Latin America. We postulate that corporate governance is a crucial determinant as well. We show that while the region is characterized by relatively low levels of corporate governance it shows highly volatile capital flows. The high level of economic volatility that characterizes the region is partly due to the behavior of capital flows which, in turn, are influenced by external factors. The paper shows that by implementing better corporate governance the region could reduce the sensitivity of capital flows to external shocks and hence reduce the volatility of its economy.
Document Type: 
Working Paper

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