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    Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990–2010

    Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun | July 2013
    Abstract
    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.
    Citation
    Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun. 2013. Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990–2010. © Springer. http://hdl.handle.net/11540/4296.
    Print ISBN
    Park, Donghyun
    ISSN
    0923-7992
    Keywords
    Development
    Finance
    Development Challenges
    Development Issues
    Development Problems
    Microenterprises Finance
    Commercial Finance Companies
    Enterprise Financing
    ADB
    Project finance
    Development plans
    Strategic planning
    Business Financing
    Investment Requirements
    Insurance Companies
    Insurers
    Insurance stocks
    Insurance holding companies
    Insurance carriers
    Insurance agencies
    Business subsidies
    Investment companies
    Foreign investment
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    Citable URI
    http://hdl.handle.net/11540/4296
    Metadata
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    Author
    Aizenman, Joshua
    Jinjarak, Yothin
    Park, Donghyun
    Theme
    Development
    Finance
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise