CAPITAL FLOW WAVES AND ECONOMIC GROWTH: EVIDENCE FROM ADVANCED AND DEVELOPING ECONOMIES

DOI Web Site 参考文献47件
  • SU WAH HLAING
    Ministry of Planning and Finance, Office No (26), Naypyitaw, Myanmar
  • MAKOTO KAKINAKA
    Graduate School for International Development and Cooperation, Hiroshima University, 1-5-1 Kagamiyama, Higashi-Hiroshima, Hiroshima 739-8529, Japan

書誌事項

公開日
2019-07-26
資源種別
journal article
DOI
  • 10.1142/s0217590819500322
公開者
World Scientific Pub Co Pte Ltd

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説明

<jats:p>There have been growing concerns that volatile international capital flows could harm macroeconomic conditions in a country, although capital mobility generally promotes efficient resource allocation. To understand the roles of gross capital inflows and outflows, this study examines the effects of extreme capital flow waves on economic growth in 164 developing and advanced economies. The main results show clear differences between them. Growth in advanced countries is insensitive to extreme capital flow waves, but for developing countries, sudden stops and retrenchments (sudden decreases in capital inflows and outflows) hurt growth, while surges (sudden increases in capital inflows) are positively associated with growth. The analysis indicates that developing economies are vulnerable to sharp decreases in both capital inflows and capital outflows. Our findings have policy implications for financial regulators, particularly in developing countries, indicating that they should pay more attention to macroprudential policies related to capital flow management aimed at stabilizing capital flow movements.</jats:p>

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