| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17258 |
| 来源ID | Working Paper 17258 |
| Capital flows: Catalyst or Hindrance to economic takeoffs? | |
| Joshua Aizenman; Vladyslav Sushko | |
| 发表日期 | 2011-07-28 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper applies a probit estimation to assess the relationship between economic takeoffs during 1950-2000 and inflows of portfolio debt, portfolio equity, and FDI, controlling for country's stock of short-term external debt and commodity terms of trade. Average level of FDI inflows is associated with a 23 percent higher takeoff probability relative to a zero FDI inflow benchmark, and this effect is highest for the Latin America subsample, with a 65 rise in takeoff probability. Higher stock of short term external debt has been associated with a substantial negative effect on the probability of a takeoff, and the effect of the short terms debt overhang is largest for Latin American countries. Yet, virtually all the takeoffs were associated with a rise in portfolio debt inflows. At the sample mean, inflow of portfolio debt is associated with approximately 25 percent higher probability of a takeoff. In contrast, a one standard deviation increase in equity outflows (inflows) is associated with a 47 percent (17 percent) decline in the probability of a takeoff. A one standard deviation improvement in commodity terms of trade is associated with 28 percent higher takeoff probability. |
| 主题 | International Economics ; Trade ; International Factor Mobility ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w17258 |
| 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/574933 |
| 推荐引用方式 GB/T 7714 | Joshua Aizenman,Vladyslav Sushko. Capital flows: Catalyst or Hindrance to economic takeoffs?. 2011. |
| 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 | ||
| w17258.pdf（772KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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