期刊
JAPAN AND THE WORLD ECONOMY
卷 22, 期 2, 页码 107-117出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.japwor.2009.07.001
关键词
Private capital flows; Stock market; Economic growth; Panel data analysis
类别
Empirically we investigate how three types of private capital flows could promote economic growth in recipient developed and developing countries. Our focus is on the role of stock markets as a channel through which foreign capital flows could promote growth. The findings reveal that FDI exhibits a positive impact on growth, while both foreign debt and portfolio investment have a negative impact on growth in all sample countries. However, our results indicate that stock markets might be a significant channel or leading institutional factor through which capital flows affect economic growth. The findings provide clear implications that the negative impact of private capital flows can be transformed into a positive one if the stock market development has attained a certain threshold level, regardless of whether it is in developed or developing countries. (C) 2009 Elsevier B.V. All rights reserved.
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