CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

English Spanish

Capital movements and external financing

This article explores the causes, consequences, magnitude and forms of a phenomenon which is of fundamental importance in the current scene and has enormous implications for the Latin American economics: the growing pace of international capital movements. Many billions of dollars are shifted across national borders by satellite, and a small part of this amount has become the basic element in Latin America’s external financing. This financial globalization has its roots in the accumulation of enormous tied liquid surpluses, the generalized liberalization of capital accounts after the collapse of the Bretton Woods frontiers, and the impact of the technological revolution in the fields of informatics and communications.

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