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External Constraints and Endogenous Growth: Why Didn't Some Countries Benefit from Capital Flows?

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Figure

Figure 1: Liberalization and the cost of capital in Latin America.
Figure 2: Current account and growth rate difference between post- and pre-liberalization
Table 1: Change in GDP growth before and after capital account liberalization (CA deficit countries)
Figure 3: The Dark curve represents effective x (optimal under the IRC constrainst). Case 1 (resp
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