Capital flows and economic growth in the era of financial integration and crisis, 1990-2010

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Main author: Aizenman, Joshua
Other authors: Jinjarak, Yothin
Park, Donghyun
Format: Journal Article           
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id eprints-14270
recordtype eprints
institution SOAS, University of London
collection SOAS Research Online
language English
language_search English
description We investigate the relationship between economic growth and lagged international capital flows, disaggregated into FDI, portfolio investment, equity investment, and short-term 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.
format Journal Article
author Aizenman, Joshua
author_facet Aizenman, Joshua
Jinjarak, Yothin
Park, Donghyun
authorStr Aizenman, Joshua
author_letter Aizenman, Joshua
author2 Jinjarak, Yothin
Park, Donghyun
author2Str Jinjarak, Yothin
Park, Donghyun
title Capital flows and economic growth in the era of financial integration and crisis, 1990-2010
publisher Springer Nature
publishDate 2013
url https://eprints.soas.ac.uk/14270/

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