Capital Flows and Foreign Direct Investments in Emerging by S. Motamen-Samadian

By S. Motamen-Samadian

This booklet provides the most recent findings at the influence of capital flows and international direct investments (FDI) on macroeconomic variables and monetary improvement of rising markets. every one bankruptcy concentrates on a special quarter and explores the importance of particular components that could allure FDI to that quarter. They spotlight the significance of political balance, in addition to social and monetary freedom in attracting FDIs. The reports additionally exhibit the level in which African and heart japanese international locations have lagged at the back of different rising markets and the necessity for pressing adjustment rules.

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And H. Ito (2002) ‘Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence’, NBER Working Paper no. 8967. Demetriades, P. and S. Andrianova (2004) ‘Finance and Growth: What We Know and What We Need to Know’, in Discussion Papers in Economics No 03/15, University of Leicester, UK. Demirguc-Kunt, A. and V. Maksimovic (1998) ‘Law, Finance and Firm Growth’, Journal of Finance, 53, 2107–37. Do, Q. A. Levchenko (2004) Trade and Financial Development, Graduate Research Paper, Department of Economics, MIT.

Data, periods, methodology The data used in the analysis are described in an appendix to this chapter. Our basic definition of non-FDI capital flows corresponds to the capital account balance (Banco de Mexico’s definition) minus net FDI flows. So defined, capital flows are composed of two main parts. The first consists of bank loans, portfolio investments (in the Mexican stock and money markets) by foreigners, and funds raised in international markets; the second part corresponds to the repatriation of capital by Mexican residents.

S. s. s. s. 39 ***, **, *, ϩ: significant at 1%, 5%, 10%, 15%. a 86Q2–94Q3. b Sample is 88Q1–94Q3 for semi-fixed-exchange-rate period. c Sample is 89Q1–94Q3 (n ϭ 23) for semi-fixed-exchange-rate period. Capital flows corresponds to non-FDI flows, including changes in Mexican assets. Capital flows, investment, consumption, and M2 are measured as percentages of GDP. All variables have been Hodrick–Prescott detrended. Quarterly time effects removed from consumption. s. ϭ not significant. 40 Macroeconomic Effects: Mexico It is well known that a causal interpretation of these correlations is not warranted.

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