Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/314197 
Year of Publication: 
2022
Citation: 
[Journal:] Journal of Applied Economics [ISSN:] 1667-6726 [Volume:] 25 [Issue:] 1 [Year:] 2022 [Pages:] 1025-1049
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
We investigate the impact of European Union (EU) integration on capital flows to prospective new EU member states. Using annual data between 1992 and 2020, our results suggest that although EU integration increased net capital flows before the Global Financial Crisis (GFC), it was not able to shield countries from the general decline in capital flows that occurred after the GFC. Furthermore, the results show that the impact of EU integration mainly runs through improved institutional quality. We also find considerable heterogeneity in the drivers of different types of capital flows (FDI, portfolio investments, and other capital flows) that we consider.
Subjects: 
Capital flows
European Union integration
fixed effects panel data model
global financial crisis
JEL: 
C33
F21
F36
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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