Arbeitspapier
Capital flows: Catalyst or hindrance to economic takeoffs?
This paper applies a probit estimation to assess the relationship between economic takeoffs during 1950-2000 and inflows of portfolio debt, portfolio equity, and FDI, controlling for country's stock of short-term external debt and commodity terms of trade. Average level of FDI inflows is associated with a 23 percent higher takeoff probability relative to a zero FDI inflow benchmark, and this effect is highest for the Latin America subsample, with a 65 rise in takeoff probability. Higher stock of short term external debt has been associated with a substantial negative effect on the probability of a takeoff, and the effect of the short terms debt overhang is largest for Latin American countries. Yet, virtually all the takeoffs were associated with a rise in portfolio debt inflows. At the sample mean, inflow of portfolio debt is associated with approximately 25 percent higher probability of a takeoff. In contrast, a one standard deviation increase in equity outflows (inflows) is associated with a 47 percent (17 percent) decline in the probability of a takeoff. A one standard deviation improvement in commodity terms of trade is associated with 28 percent higher takeoff probability.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 11-05
- Klassifikation
-
Wirtschaft
Economic Integration
International Investment; Long-term Capital Movements
Financial Aspects of Economic Integration
Economic Growth of Open Economies
Economic Growth and Aggregate Productivity: General
- Thema
-
Kapitalmobilität
Kapitalimport
Portfolio-Investition
Direktinvestition
Wirtschaftswachstum
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Aizenman, Joshua
Sushko, Vladyslav
- Ereignis
-
Veröffentlichung
- (wer)
-
University of California, Santa Cruz Institute for International Economics (SCIIE)
- (wo)
-
Santa Cruz, CA
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Aizenman, Joshua
- Sushko, Vladyslav
- University of California, Santa Cruz Institute for International Economics (SCIIE)
Entstanden
- 2011
Ähnliche Objekte (12)
Capital flows: Catalyst or hindrance to economic takeoffs?
Capital account opening, international reserves, and development: Evidence and some policy controversies
The internationalization of the RMB, capital market openness, and financial reforms in China
Capital flows and economic growth in the era of financial integration and crisis: 1990 - 2010
Large hoarding of international reserves and the emerging global economic architecture
Prizes for basic research - Human capital, economic might and the shadow of history
Prizes for basic research: Human capital, economic might and the shadow of history
Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns
The internationalization of venture capital and private equity
The internationalization of venture capital and private equity
The impossible trinity (aka the policy Trilemma): The encyclopedia of financial globalization
Relative price levels and current accounts: An exploration
Capital flows: Catalyst or hindrance to economic takeoffs?
Capital account opening, international reserves, and development: Evidence and some policy controversies
The internationalization of the RMB, capital market openness, and financial reforms in China
Capital flows and economic growth in the era of financial integration and crisis: 1990 - 2010
Large hoarding of international reserves and the emerging global economic architecture
Prizes for basic research - Human capital, economic might and the shadow of history
Prizes for basic research: Human capital, economic might and the shadow of history
Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns
The internationalization of venture capital and private equity
The internationalization of venture capital and private equity
The impossible trinity (aka the policy Trilemma): The encyclopedia of financial globalization
Relative price levels and current accounts: An exploration
Capital flows: Catalyst or hindrance to economic takeoffs?
Capital account opening, international reserves, and development: Evidence and some policy controversies
The internationalization of the RMB, capital market openness, and financial reforms in China
Capital flows and economic growth in the era of financial integration and crisis: 1990 - 2010
Large hoarding of international reserves and the emerging global economic architecture
Prizes for basic research - Human capital, economic might and the shadow of history
Prizes for basic research: Human capital, economic might and the shadow of history
Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns
The internationalization of venture capital and private equity
The internationalization of venture capital and private equity
The impossible trinity (aka the policy Trilemma): The encyclopedia of financial globalization