Therefore, we have not experienced the problems of other Latin American countries which had to deal with relatively high capital inflows as well as with significant appreciations of their nominal currencies and increases of credit to the private sector that fueled economic activity over its potential levels.
17 However, the overall impact is more difficult to estimate and disentangle from other factors that reduce inflation, for instance the increases in productivity growth and the stronger credibility of monetary policy. Take now international capital flows, the other dimension for which the growing role of emerging markets has a clear global effect.