期刊
OPEN ECONOMIES REVIEW
卷 24, 期 3, 页码 371-396出版社
SPRINGER
DOI: 10.1007/s11079-012-9247-3
关键词
Capital flows; Economic growth; FDI; Portfolio investment; Equity investment; Short-term debt; Financial integration; Financial crisis
类别
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.
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