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http://hdl.handle.net/10419/64494
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| Title: | | Capital flows and economic growth in the era of financial integration and crisis: 1990 - 2010  |
| Authors: | | Aizenman, Joshua Jinjarak, Yothin Park, Donghyun |
| Issue Date: | | 2011 |
| Series/Report no.: | | Working Papers, UC Santa Cruz Economics Department 692 |
| Abstract: | | We investigate the relationship between economic growth and lagged international capital flows, disaggregated into FDI, portfolio investment, equity investment, and shortterm 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. |
| Subjects: | | capital flows economic growth FDI portfolio investment equity investment short-term debt financial integration financial crisis |
| JEL: | | F43 F21 F32 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Papers, Economics Department, UC Santa Cruz
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