UID:
edoccha_9958107702502883
Format:
1 online resource (58 p.)
ISBN:
1-4552-8454-8
,
1-4552-9967-7
,
1-283-55160-8
,
9786613864055
,
1-4552-5227-1
Series Statement:
IMF Working Papers
Content:
Recent commentary has downplayed the growth dividend from international financial integration, highlighting the possibly negative correlation between capital inflows and long-run growth. This paper presents new evidence consistent with standard economic theory and a more benign interpretation of cross-border private capital flows. The key observation is that a country’s growth volatility changes over time. With volatility below a threshold, an inflow of foreign capital has promoted growth. However, during periods of volatile growth, more flows have been associated with slower growth. Volatility levels and changes reflect an interaction of domestic production and institutional structures with global factors.
Note:
Description based upon print version of record.
,
Cover Page; Title Page; Copyright Page; Abstract; Contents; I. Introduction; 1. The Paradox of Capital; II. Specifying the Growth-Capital Flows Relationship; 1. Cross-Country Current Account-Growth Relationship in Developing Countries; A. Dealing with Heteroscedasticity Reveals Misspecification; 2. Current Account-Growth Relationship in Developing Countries: Weighted Regressions; 3. Within and Between Country Variation in Volatility; B. Alternate Specification; 4. Current Account, Growth and Volatility: Interactions; III. Volatility Thresholds; 5. Threshold Effects
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2. Current Account and Growth: Volatility Regimes6. Descriptive Statistics by Regime; 3a. Number of Times Countries Experienced High Growth Volatility; 3b. Number of Times Countries Experienced High Growth Volatility by Time Period; 7. Current Account Growth Relationship in Countries by Incidence of High Volatility; IV. Panel Regressions and Endogeneity; 8. Panel Regressions; A. Breakdown by Type of Flows; 9. Breakdown by Type of Flow; V. Determinants of Volatility; 10. Determinants of Volatility; VI. Conclusion; I. Variables and Data Sources; References; Footnotes
,
English
Additional Edition:
ISBN 1-4552-5329-4
Language:
English
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