Disaggregated Capital Flows And Economic Growth
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Disaggregated Capital Flows And Economic Growth
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Author : Sufiana Sarisae
language : en
Publisher:
Release Date : 2011
Disaggregated Capital Flows And Economic Growth written by Sufiana Sarisae and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
The main objective of this study is to examine the impacts of disaggregated capital flows, namely foreign direct investment (FDI) and equity foreign portfolio investment (EFPI) on economic growth in ASEAN-5 countries (Indonesia, Malaysia, Philippines, Singapore and Thailand), using panel data from the period 1987 to 2008. The purpose behind this study is to investigate whether financial development is the absorptive capacity that helps the host country to capture the capital inflows in order to harness real economic growth. The study also attempted to investigate how these two different types of flows (FDI & EFPI) have different impacts on economic growth of the ASEAN-5 countries. This study employs pooled OLS and fixed effects regression estimators. Overall, the empirical results suggest that FDI or EFPI alone has statistical insignificant impact on economic growth in ASEAN-5 countries. However, lagged FDI or lagged EFPI alone which is estimated together with lagged FDI or lagged EFPI based on interaction term- e.g. financial development-, respectively, has negative impact on economic growth. On the other hand, lagged FDI or lagged EFPI with interaction term- financial development- have a positive relationship with economic growth. Consequently, financial development is the key and important variable that helps the ASEAN-5 countries capture absorptive capacity to harness real economic growth. In addition, there is no much difference between the impact of FDI and EFPI on Economic growth. As result, the finding of this study will help policy makers to design elements for more stable and sociable global regulatory infrastructure, and also formulate policies in the liberalized world economy.
Capital Flows And Economic Growth In The Era Of Financial Integration And Crisis 1990 2010
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Author : Joshua Aizenman
language : en
Publisher:
Release Date : 2011
Capital Flows And Economic Growth In The Era Of Financial Integration And Crisis 1990 2010 written by Joshua Aizenman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Capital movements categories.
We investigate the relationship between economic growth and lagged international capital flows, disaggregated into FDI, portfolio investment, equity investment, and short-term debt. We follow about 100 countries during 1990-2010 when emerging markets became more integrated into the international financial system. We look at the relationship both before and after the global crisis. Our study reveals a complex and mixed picture. The relationship between growth and lagged capital flows depends on the type of flows, economic structure, and global growth patterns. We find a large and robust relationship between FDI - both inflows and outflows - and growth. The relationship between growth and equity flows is smaller and less stable. Finally, the relationship between growth and short-term debt is nil before the crisis, and negative during the crisis.
Growth From International Capital Flows
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Author : Antu Panini Murshid
language : en
Publisher: International Monetary Fund
Release Date : 2011-04-01
Growth From International Capital Flows written by Antu Panini Murshid and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-01 with Business & Economics categories.
Recent commentary has downplayed the growth dividend from international financial integration, highlighting the possibly negative correlation between capital inflows and long-run growth. This paper presents new evidence consistent with standard economic theory and a more benign interpretation of cross-border private capital flows. The key observation is that a country’s growth volatility changes over time. With volatility below a threshold, an inflow of foreign capital has promoted growth. However, during periods of volatile growth, more flows have been associated with slower growth. Volatility levels and changes reflect an interaction of domestic production and institutional structures with global factors.
Capital Flows And Economic Growth In A Small Open Economy
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Author : Thuy Dao
language : en
Publisher:
Release Date : 1936
Capital Flows And Economic Growth In A Small Open Economy written by Thuy Dao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1936 with Capital movements categories.
Capital Flows And Crises
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Author : Barry J. Eichengreen
language : en
Publisher: MIT Press (MA)
Release Date : 2003-01
Capital Flows And Crises written by Barry J. Eichengreen and has been published by MIT Press (MA) this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01 with Business & Economics categories.
An analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.
Foreign Capital And Economic Growth In India
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Author : Mahendra Pal
language : en
Publisher: Springer Nature
Release Date : 2023-06-20
Foreign Capital And Economic Growth In India written by Mahendra Pal and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-20 with Business & Economics categories.
This book is designed to fulfill a long felt need for a wide ranging empirical research on foreign capital-growth nexus. It presents an analysis of disaggregated flows of foreign capital and their long run relationship with growth process in an emerging nation like India during the past four decades. The study detects factors like financial deepening, trade openness and market size, as potential determinants of FDI. The book investigates long run relationship between FDI and Growth, with causality running from FDI to Growth, whereby Aid-Growth long run relationship is detected with causal direction from Aid to Growth. Further, Net foreign capital-growth nexus is also established in the long run, however, with no causal direction. The book examines the relative significance of Aid and FDI in terms of their impact on growth. The results reveal that Aid appears to be more productive than FDI, but when export is included in the model FDI appears to be more productive than Aid. Empirical results have been calculated in the book, with the help of Johansen and Juselius (1990) co-integration technique, vector error correction, impulse response function and variance decomposition. The results in the book show, superiority of FDI over Aid is not established in India, hence two variables remain complementary to each other. This timely book on foreign capital-growth nexus in India is likely to attract researchers, teachers of Economics, Mathematics, Commerce, Business Economics, Management, Technology and policy-makers interested in the foreign capital-growth nexus in future.
The Cyclical Properties Of Disaggregated Capital Flows
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Author : Silvio Contessi
language : en
Publisher:
Release Date : 2012
The Cyclical Properties Of Disaggregated Capital Flows written by Silvio Contessi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
We analyze the second-moment properties of the components of international capital flows and their relationship to business cycle variables (output, investment, and real interest rate) in 22 industrial and emerging countries. Total inward flows are procyclical with respect to all three macro variables. Net outward flows are countercyclical with respect to output and investment in most industrial and emerging countries. Disaggregated inward flows positively comove with output in industrial countries and with investment and the real interest rate in the G7 economies. Inward foreign direct investment is the only non-procyclical type of inward capital flows (with respect to output) in the developing economies. Formal statistical tests based on nonparametric bootstrap techniques detect significant variance increases in all G7 countries' disaggregated capital flows over exogenous and endogenously estimated breaks.
Patterns Of International Capital Flows And Productivity Growth
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Author : Margaux MacDonald
language : en
Publisher:
Release Date : 2015
Patterns Of International Capital Flows And Productivity Growth written by Margaux MacDonald and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Capital movements categories.
Recent evidence from developing and emerging economies shows a negative correlation between growth and net capital inflows, a contradiction to neoclassical growth theory. I provide updated and disaggregated evidence on the origins of this puzzle. An analysis of the components of capital flows and of gross portfolio positions shows that foreign direct investment is directed towards countries with the highest growth rates, but that portfolio investment outflows exceed these inflows. Liberalized capital accounts further exacerbate this pattern. My results suggest a desire for international portfolio diversification in liquid assets by fast growing countries lies at the heart of the puzzle.
The Volatility Of Capital Flows In Emerging Markets
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Author : Maria Sole Pagliari
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-07
The Volatility Of Capital Flows In Emerging Markets written by Maria Sole Pagliari and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-07 with Business & Economics categories.
Capital flow volatility is a concern for macroeconomic and financial stability. Nonetheless, literature is scarce in this topic. Our paper sheds light on this issue in two dimensions. First, using quarterly data for 65 countries over the period 1970Q1-2016Q1, we construct three measures of volatility, for total capital flows and key instruments. Second, we perform panel regressions to understand the determinants of volatility. The measures show that the volatility of all instruments is prone to bouts, rising sharply during global shocks like the taper tantrum episode. Capital flow volatility thus remains a challenge for policy makers. The regression results suggest that push factors can be more important than pull factors in explaining volatility, illustrating that the characteristics of volatility can be different from those of the flows levels.
Foreign Capital Flows And Economic Growth
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Author :
language : en
Publisher:
Release Date : 2018
Foreign Capital Flows And Economic Growth written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.