Author: Selen Sarisoy Guerin
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Essays on international capital flows
Author: Selen Sarisoy Guerin
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Essays on International Capital Flows
Author: Xichen Wang
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Three Essays on International Capital Flows
Author: Yu Zhu
Publisher:
ISBN: 9780496996315
Category : Capital movements
Languages : en
Pages :
Book Description
Publisher:
ISBN: 9780496996315
Category : Capital movements
Languages : en
Pages :
Book Description
Essays on International Capital Flows
Author: Nathan Converse
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Three Essays on International Capital Flows
Author: Naveen Seth
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 145
Book Description
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 145
Book Description
Essays on International Capital Flows
Author: Selen Sarisoy Guerin
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Essays on International Capital Flows
Author: Rogelio Mercado
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Essays on International Capital Flows to Developing Countries
Author: Bilal Keskinsoy
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This thesis investigates international capital flows to developing countries for the period 1970-2006. The first chapter introduces the theoretical and empirical framework of the thesis, motivates it, overviews its building blocks (i.e. the following chapters) and clarifies its approach to the balance of payments. The second chapter reviews the data and shows the overall trends and developments in capital flows to the developing world by focusing on the geographical regions and income groups. The core of the thesis explores the empirical puzzle that although one would expect international capital to flow to capital scarce countries where returns are higher, observation shows that capital flows to richer rather than to poorer countries (the Lucas paradox). To explore this total capital is measured as the sum of foreign direct investment and portfolio equity flows. The third chapter addresses the argument, based on cross-section evidence (Alfaro et al, Rev. Econ. Stats), that including the quality of institutions accounts for the paradox (because richer countries have better institutions they attract more capital) and finds that this only holds if developed countries are included; within developing countries, institutions do not account for the paradox. The fourth chapter extends this by including institutional quality indicators among determinants of capital inflows and employs a variety of panel data estimators; the quality of institutions does not resolve the Lucas paradox, although certain types of institutions are important. The persistence in the paradox and implied non-convergence could be ascribed to the detrimental impacts of negative shocks and volatility in global financial markets or to a Linder-type home bias in international finance. The fifth chapter analyzes volatility, comovement (or contagion risk) and sudden stop (reversibility) of capital flows (foreign direct investment (FDI), foreign portfolio equity investment, long-term and short-term debt flows) using time series econometric techniques for twelve emerging market economies over 1970-2006. This is informative on the pattern and relationship between capital inflows, with implications for accommodating macroeconomic policies in countries receiving inflows. The chapter also addresses the predictions of conventional theory, that differences are associated with the maturity of the capital (long-term vs. short-term), with the information-based trade-off model of Goldstein and Razin (2006), that differences are associated with the structure of the capital (equity vs. debt). In line with the latter, equity flows (FDI and portfolio) are less volatile, more persistent, more predictable and less susceptible to sudden stops than debt flows. Contrary to conventional theory, short-term flows are not more volatile, but there is evidence that correlations and risks of contagion are stronger within the pairs of long-term and equity capital flows than within the short-term capital flows.
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This thesis investigates international capital flows to developing countries for the period 1970-2006. The first chapter introduces the theoretical and empirical framework of the thesis, motivates it, overviews its building blocks (i.e. the following chapters) and clarifies its approach to the balance of payments. The second chapter reviews the data and shows the overall trends and developments in capital flows to the developing world by focusing on the geographical regions and income groups. The core of the thesis explores the empirical puzzle that although one would expect international capital to flow to capital scarce countries where returns are higher, observation shows that capital flows to richer rather than to poorer countries (the Lucas paradox). To explore this total capital is measured as the sum of foreign direct investment and portfolio equity flows. The third chapter addresses the argument, based on cross-section evidence (Alfaro et al, Rev. Econ. Stats), that including the quality of institutions accounts for the paradox (because richer countries have better institutions they attract more capital) and finds that this only holds if developed countries are included; within developing countries, institutions do not account for the paradox. The fourth chapter extends this by including institutional quality indicators among determinants of capital inflows and employs a variety of panel data estimators; the quality of institutions does not resolve the Lucas paradox, although certain types of institutions are important. The persistence in the paradox and implied non-convergence could be ascribed to the detrimental impacts of negative shocks and volatility in global financial markets or to a Linder-type home bias in international finance. The fifth chapter analyzes volatility, comovement (or contagion risk) and sudden stop (reversibility) of capital flows (foreign direct investment (FDI), foreign portfolio equity investment, long-term and short-term debt flows) using time series econometric techniques for twelve emerging market economies over 1970-2006. This is informative on the pattern and relationship between capital inflows, with implications for accommodating macroeconomic policies in countries receiving inflows. The chapter also addresses the predictions of conventional theory, that differences are associated with the maturity of the capital (long-term vs. short-term), with the information-based trade-off model of Goldstein and Razin (2006), that differences are associated with the structure of the capital (equity vs. debt). In line with the latter, equity flows (FDI and portfolio) are less volatile, more persistent, more predictable and less susceptible to sudden stops than debt flows. Contrary to conventional theory, short-term flows are not more volatile, but there is evidence that correlations and risks of contagion are stronger within the pairs of long-term and equity capital flows than within the short-term capital flows.
Three Essays on International Capital Flows
Author: Gita Gopinath
Publisher:
ISBN:
Category :
Languages : en
Pages : 340
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 340
Book Description
Managing Capital Flows and Exchange Rates
Author: Reuven Glick
Publisher: Cambridge University Press
ISBN: 9780521623230
Category : Business & Economics
Languages : en
Pages : 148
Book Description
"This is a very timely book that brings the reader to the forefront of current research on macroeconomic policy issues in economies subject to sizable capital flows".--Guillermo A. Calvo, University of Maryland.
Publisher: Cambridge University Press
ISBN: 9780521623230
Category : Business & Economics
Languages : en
Pages : 148
Book Description
"This is a very timely book that brings the reader to the forefront of current research on macroeconomic policy issues in economies subject to sizable capital flows".--Guillermo A. Calvo, University of Maryland.