| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13619 |
| 来源ID | Working Paper 13619 |
| Foreign Capital and Economic Growth | |
| Eswar S. Prasad; Raghuram G. Rajan; Arvind Subramanian | |
| 发表日期 | 2007-11-28 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We document the recent phenomenon of "uphill" flows of capital from nonindustrial to industrial countries and analyze whether this pattern of capital flows has hurt growth in nonindustrial economies that export capital. Surprisingly, we find that there is a positive correlation between current account balances and growth among nonindustrial countries, implying that a reduced reliance on foreign capital is associated with higher growth. This result is weaker when we use panel data rather than cross-sectional averages over long periods of time, but in no case do we find any evidence that an increase in foreign capital inflows directly boosts growth. What explains these results, which are contrary to the predictions of conventional theoretical models? We provide some evidence that even successful developing countries have limited absorptive capacity for foreign resources, either because their financial markets are underdeveloped, or because their economies are prone to overvaluation caused by rapid capital inflows. |
| 主题 | Macroeconomics ; Consumption and Investment ; International Economics ; International Finance ; International Macroeconomics ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w13619 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571302 |
| 推荐引用方式 GB/T 7714 | Eswar S. Prasad,Raghuram G. Rajan,Arvind Subramanian. Foreign Capital and Economic Growth. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13619.pdf（1217KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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