Capital Inflows, Exchange Rate Flexibility, and Credit Booms

Nicolas E. Magud, Carmen M. Reinhart, Esteban R. Vesperoni

NBER Working Paper No. 17670
Issued in December 2011

---- Acknowledgements -----

We thank seminar participants at the IMF, the Central Bank of Chile, and the Central Bank of Paraguay. We also thank Marco Arena, Martin Evans, Anton Korinek, Marcelo Olaverria, Sergio Schmukler, and Rodrigo Valdes for useful comments and suggestions. All remaining errors are ours. This paper represents only the authors' views and not those of the International Monetary Fund, its Executive Board, its Management, the Peterson Institute for International Economics, or the National Bureau of Economic Research.

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